In the pursuit of increasing foreign investments and making the Philippines as an investment hub in Asia, the Department of Trade and Industry (DTI) through its trade and investment promotion arm in Taiwan, the Philippine Trade and Investment Center (PTIC) in Taipei, brings in more companies to explore business opportunities in a five-day investment mission in the Philippines from May 16 to 21, 2023.
The delegation of eight (8) Taiwanese companies, consists of manufacturers seen to boost the manufacturing ecosystem in the country. It is the second investment group from Taiwan to visit the Philippines this year.
“We are confident that the presence of Taiwan companies will not only add to the manufacturing ecosystem of the country, but also accelerate the science, technology and innovation (STI) driven industry development of competitive and innovative industries in the country which will develop stronger linkages to domestic and global value and supply chains,” said Anthony B. Rivera, Director for Commercial Affairs, Philippine Trade and Investment Center in Taipei.
“It will further boost our export competitiveness, diversify our export offerings, generate more quality jobs and Make Taiwan Investments Happen in the Philippines,” he added.
Complementing each other from manufacturing of basic metal parts and components supplied to other manufacturers, to having specialized patented technologies – such as one of among the two patent holders of high-performance air freshening membrane technology in the world.
The participating Taiwan companies visited several Investment Promotions Agencies (IPAs), Industrial Parks and other locators for them to immerse and get to know more on how to do business in the Philippines. They were also introduced to government agencies who will provide further guidance as they move forward to the next levels of their engagement in their business expansion.
With an enabling policy environment and competitive labor force, the investors also realized more opportunities for using the Philippines as platform for accessing both the domestic and international markets.
“The proactive industry collaboration with Taiwan companies is expected to generate further interest as they move Southbound to the Philippines. Our Commercial Affairs continue to strengthen our relationship with the private sector to generate more business opportunities between the Philippines and Taiwan,” said Manila Economic and Cultural Office (MECO) Chairman Silvestre H. Bello III.
The delegation was assisted with strong support from the Philippine Economic Zone Authority (PEZA), Philippine Board of Investments (BOI), Subic Bay Metropolitan Authority (SBMA), Bases Conversion and Development Authority (BCDA), Subic Clark Alliance for Development (SCAD), Clark Development Corporation (CDC), Clark International Airport Corporation (CIAC), in collaboration with Philippine Industrial Parks First Philippine Industrial Park (FPIP), Lima Technology Center, TECO Industrial Park, Hermosa Ecozone Industrial Park, TIPO Hightech Eco Park, Filinvest Land Inc., New Clark City (NCC), and Taiwanese industrial park locators.
The investment mission generated USD 46 million worth of potential investments and is seen to generate at least 500 jobs in the country. ♦
Date of Release: 06 June 2023
