The Philippine Economic Zone Authority (PEZA) sees more investments from Taiwan and South Korea following a series of measures aimed at strengthening economic ties with these countries.
PEZA said in a statement with the signing of bilateral investment agreement and New Southbound Trade Treaty between Philippines and Taiwan, it has joined forces with the Board of Investments, Philippine Trade and Investment Center, Manila Economic & Cultural Office, Taipei Economic & Cultural and Taiwanese Business Chambers in conducting outbound investment and trade promotions to attract more foreign direct investments from Taiwan and increase its share in the ecozone investments and exports of goods and services.
At the Philippine Investment Mission to Taiwan on October 24 to 27, PEZA relayed to delegates it aims to target strategic and high-tech industries from Taiwan that will provide ecozone product sophistication, export diversification, labor-intensive and high-skilled jobs, knowledge transfer, enhanced local supply chain, and industry clusters.
PEZA noted Taiwan is driven by a competitive manufacturing sector in the fields of electronics, machinery, petrochemicals, energy, and ICT products.
Meanwhile, PEZA expects at least four big companies of lead of new locators and one potential joint collaboration on waste management with South Korea.
This was the outcome of the participation by PEZA and the Aboitiz InfraCapital to the Philippine-Korean Investment Forum held in South Korea last October 19.
As of July 2022, 108 Taiwanese enterprises were registered in PEZA. They are into real estate activities, electrical machinery and apparatus, wearing apparel, fabricated metal products, radio, television and communication equipment and apparatus.
These companies contributed a total P32.87 billion of investments, $535.53 million of exports, and 46,564 direct jobs.
Among the big ticket Taiwanese investors include Sunon Properties (P4.5 billion), Tong Shing Electronics (2.9 billion), Kinpo Electronics (P2.1 billion), and its affiliate company Acbel Polytech (P1.7 billion). In PEZA, the Taiwanese are the bigger investors than the mainland Chinese with their approved cumulative investments of P24.7 billion.
To date, there are 251 South Korean locators contributing P89.864 billion in investments from 1995 up to June 2022. These companies also generated $1.102 billion in exports and employ 44,359 workers as of August 2022.
These companies are engaged in activities such as the manufacturing of radio, television and communication equipment and apparatus; fabricated metal products, except machinery and equipment; rubber and plastic products; real estate activities; and wearing apparel. – Irma Isip
