PSPC reinvests P668.6M refund for expansion

LISTED semiconductor manufacturer Phoenix Semiconductor Philippines Corp. (PSPC) said on Friday it has received payment of a power subsidy refund amounting to P668.60 million, which will be reinvested for its Phase II expansion project in Clark Freeport.

The amount represents payment “for arrears from the electric power discounts granted under Presidential Executive Order No. 856 that seeks to promote greater foreign investments in semiconductor and other power-intensive industries,” the company said in a disclosure to the Philippine Stock Exchange (PSE).