New Partnership with the Philippines to Explore Semiconductor Supply Chain Opportunities
The U.S. Department of State will collaborate with the Government of the Philippines to explore opportunities to grow and diversify the global semiconductor ecosystem under the International Technology Security and Innovation (ITSI) Fund, created by the CHIPS Act of 2022. This partnership will help create a more resilient, secure, and sustainable global semiconductor value chain.
The initial phase will involve a comprehensive assessment of the Philippines’ existing semiconductor ecosystem and regulatory framework, as well as workforce and infrastructure needs. The insights gained from the assessment will serve as the basis for potential future joint initiatives to advance this critical sector.
The United States and the Philippines are key partners in ensuring the global semiconductor supply chain can keep pace with the digital transformation underway worldwide. Manufacturing of essential products ranging from vehicles to medical devices relies upon the strength and resilience of the semiconductor supply chain. This collaboration between the United States and the Philippines underscores the significant potential to expand the Philippines’ semiconductor industry, to the benefit of both of our nations.
In August 2022, President Biden signed the CHIPS Act of 2022, a U.S. law that appropriated new funding to boost domestic manufacturing and research of semiconductors in the United States. The CHIPS Act of 2022 created the ITSI Fund, which provides the U.S. Department of State with $500 million ($100 million per year over five years, starting in Fiscal Year 2023) to promote the development and adoption of secure and trustworthy telecommunications networks and ensure semiconductor supply chain security and diversification through new programs and initiatives with our allies and partners.
Official news published at https://www.state.gov/new-partnership-with-the-philippines-to-explore-semiconductor-supply-chain-opportunities/
Politics - JISIP NEWS originally published at Politics - JISIP NEWS
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