A microelectronic package includes a packaging substrate having a chip mounting surface; a chip mounted on the chip mounting surface of the packaging substrate with the chip's active surface facing down to the chip mounting surface; a plurality of input/output (I/O) pads distributed on the active surface of the chip; and a discrete passive element mounted on the active surface of the chip. The discrete passive element may be a decoupling capacitor, a resistor, or an inductor.