Frederick Go, the nation's economic czar, announced that Samsung, the South Korean multinational electronics giant, has plans to invest $1 billion in a manufacturing facility in the country. Go, special assistant to the president for investment and economic affairs, has said the investment is “under process,” as the government works to finalize incentives to support the large investment.
He expressed hopes that any negotiations may be settled within the first half of the year. The Samsung investment presence would be critical for positioning the Philippines as a main player in the global supply chain and encouraging more multinationals to do business in the country. Furthermore, the investment will aid the government in moving forward to improve the local manufacturing industry and establish the Philippines as a competitive manufacturing center for technology and innovation in Southeast Asia.
Samsung manufactures a variety of goods, including smartphones, tablets, televisions, home appliances and semiconductor components. It is one of the largest electronics companies in the world and is best known for its Galaxy series smartphones and tablets, which actively compete with Apple’s iPhone and iPad. Samsung is also a significant manufacturer of memory chips, processors and display panels, supplying other big tech manufacturers with components.