PEZA wants to attract additional Taiwanese high-tech investments.
After Taiwan’s investment mission in the East Asian economy this week, the Philippine Economic Zone Authority (PEZA) hopes to draw additional investments from that nation in high-tech sectors.
According to a Facebook post, the Philippines could gain from Taiwan’s technological advancements, according to PEZA officer-in-charge and Deputy Director General Tereso Panga. Taiwan’s economy is driven by a competitive manufacturing sector in electronics, machinery, petrochemicals, energy, and information and communications technology (ICT) products.
With the CREATE (Corporate Recovery and Tax Incentives for Enterprises) investment and tax incentives in place, Panga stated that PEZA is targeting strategic and high-tech industries from Taiwan that will contribute to the development of ecozone products, export diversification, labor-intensive and highly skilled jobs, knowledge transfer, improved local supply chains, and the formation of industry clusters.
He claimed that by enhancing relations with Taiwan, which has the 20th-largest purchasing power parity in the world and the seventh-largest economy in Asia, the Philippines would gain.
As of July 2022, there were 108 Taiwanese firms registered in PEZA, with 32.87 billion PHP worth of total investments.
These businesses manufacture clothing, fabricated metal goods, radio, television, and communication equipment and apparatus, as well as engage in real estate activities.
Leading Taiwanese investors to include Sunon Properties (PHP4.5 billion), Tong Shing Electronics (PHP2.9 billion), Kinpo Electronics (PHP2.1 billion), and Acbel Polytech, one of its affiliate companies (PHP1.7 billion).
With approved cumulative contributions totaling PHP24.7 billion, the Taiwanese are the PEZA’s largest investor, according to Panga.
Taiwanese enterprises operating in the Philippines additionally made exports worth USD535.53 million and directly employed 46,564 people.
According to him, the signing of the bilateral investment agreement and the New Southbound Trade Treaty between the Philippines and Taiwan gives both countries the opportunity to promote trade and investment, which will help Taiwan attract more investments and increase its share of exports and investments in economic zones.
He also mentioned that from October 24 to October 27, a Philippine group headed by Trade Undersecretary Ceferino Rodolfo will be in Taiwan as part of a Philippine Investment Mission.
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