BIZ BUZZ: Pax Silica nears 2026 deal milestone

The race is on for the Philippines and the United States to sign the Pax Silica framework agreement before year-end, a key step in bringing the ambitious artificial intelligence (AI) and semiconductor hub in New Clark City to life.

This is according to Finance Secretary Frederick Go, who said he was hopeful that the deal would be sealed within the year.

The proposed hub, a 1,619-hectare AI and advanced manufacturing enclave in New Clark City, forms part of the US-led Pax Silica initiative aimed at securing AI supply chains.

Article continues after this advertisement

Go described the project as “promising,” saying it reflects the administration’s effort to move economic partnerships “at a pace like never before”—a marked departure from what he himself described as the typically glacial pace of government negotiations.

FEATURED STORIES

BUSINESS

BUSINESS

BUSINESS

Even more encouraging, Go confirmed an earlier Inquirer Biz Buzz report that Taiwanese electronics giant Foxconn is poised to become the hub’s first locator. The move comes as little surprise, with electronics component manufacturing identified as the priority investment for the project.

If all goes according to plan, Pax Silica could provide the jump-start the Philippines has long sought in building a globally competitive electronics and AI manufacturing ecosystem.

At a time when the country’s growth outlook is facing mounting headwinds, finally sealing the Pax deal would give the Marcos administration a much-needed win in its push to attract high-value investments. —Nyah Genelle C. De Leon

Coming back soon: Coin deposit machines

Looks like the Bangko Sentral ng Pilipinas’ (BSP) crowd-favorite Coin Deposit Machines are finally returning.

Article continues after this advertisement

After going quiet for months, the coin-gobbling machines that let Filipinos swap loose change for e-wallet credits, shopping vouchers or bank deposits are set for a comeback, according to BSP Deputy Governor Bernadette Romulo-Puyat.

The first batch of refurbished machines is expected to be back in operation by late October or early November, after undergoing software upgrades, hardware modifications and rounds of calibration and accuracy testing.

Article continues after this advertisement

The central bank aims to complete the rollout of all 50 machines by January 2027. And this time, the program will no longer be concentrated in Metro Manila, with new locations planned for Pampanga, Baguio, Cebu and Davao.

To keep operating costs in check, the BSP has also teamed up with SM, allowing the retail giant to help retrieve the collected coins more efficiently.

Your subscription could not be saved. Please try again.

Your subscription has been successful.

With millions of pesos worth of idle coins still tucked away in piggy banks, drawers and kitchen jars, the BSP is betting that once the familiar machines are back, Filipinos will once again be lining up to turn forgotten spare change into something they can actually spend. —Ian Nicolas P. Cigaral INQ