Metro Manila (CNN Philippines, August 10) — American microprocessors manufacturer Texas Instruments Inc. (TI) is set to spend $1 billion for the expansion of its Clark and Baguio City facilities amid the global chip shortage, according to Malacanang.
In a statement on Thursday, the palace said the plan was bared during the US-ASEAN Business Council’s meeting with President Ferdinand R. Marcos Jr. in Malacanang on Wednesday.The American company is scheduled to submit “in two weeks” its application for the expansion.Marcos welcomed the planned investment, saying it is one of the “areas and sectors in the economy that we would like to be involved in.”“And we have a great deal of [dependence] already… of our exports,” he also said. “We do not see why we should not further support and enhance the sector of the economy because it has (done) well.
