This paper describes the current boom in Philippine-based semiconductor manufacturing as part of the growing phenomenon of international subcontracting within the transnational-dominated global electronics industry. It concretely shows the advantages that accrue to the semiconductor TNCs in contrast to the disadvantages suffered by the host country and by the women workers in particular. It discusses issues related to the employment and working conditions of the female workers employed in the industry, as well as policy options in the sphere of labor relations, transfer of technology and the overall national economy.