Intel to pull out of Philippines?

MANILA, PHILIPPINES: World's top chipmaker Intel Inc. is likely to pull out of the Philippines, due to high costs of electricity in that country, reports said today.

Intel Technology Philippines Inc is 3,000 people strong and is the firm's second offshore assembly operations center in Asia.

The US-based chipmaker has so far invested $1.51 billion in the country, which also serves as a test site.

Media reports said the senior management discussed long-term options with the staff. However, Intel officially is undecided yet on the fate of its Philippines operations.