A semiconductor package includes a multilayer package substrate with a top layer including top filled vias through a top dielectric layer and top metal layer providing a top surface for leads and traces connected to the leads, and a bottom layer including bottom filled vias including contact pads through a bottom dielectric and metal layer. The top filled vias are for connecting the bottom and top metal layer. The bottom metal filled vias are for connecting the bottom metal layer to the contact pads. An integrated circuit (IC) die has nodes in its circuitry connected to the bond pads. The IC die is flipchip mounted onto the leads. A passive device(s) is surface mounted by an electrically conductive material on the top metal layer electrically connected between at least one adjacent pair of the leads. A mold compound is for encapsulating at least the IC die and passive device.