The Philippines stands as the world's ninth-largest chip exporter, and the semiconductor sector is the country's largest export industry. However, there are untapped opportunities to boost labour productivity and address infrastructural and regulatory bottlenecks for the semiconductor industry. This report examines opportunities and challenges for the Philippines' semiconductor ecosystem, particularly in assembly, testing, and packaging, and provides recommendations to unlock its growth. The report combines quantitative and policy analysis of the Philippine semiconductor ecosystem - including infrastructure, human capital, and integration into global value chains. Its recommendations target critical areas: improving the business and operational environment for the Philippine semiconductor industry, boosting investments in R&D and technology, and achieving ambitious workforce development plans through industry-academia partnerships and international collaboration. This report provides strategic guidance to strengthen the Philippines' position in global semiconductor value chains and address current productivity trends. By implementing the policy recommendations, the Philippines can capitalise on emerging opportunities and unlock growth in the semiconductor ecosystem, particularly in assembly, testing and packaging.