Tereso Panga, officer-in-charge and deputy director general of the Philippine Economic Zone Authority (PEZA), is…
PEZA receives P3.88 billion in investment commitments from Taiwan’s mission
The Philippine Economic Zone Authority (PEZA) reported receiving investment commitments of USD65 million, or roughly PHP3.88 billion, from its recent investment trip to Taiwan.
According to a statement released by PEZA on Tuesday, these investment promises came from seven Taiwanese companies, including the USD40 million expansion project of YFC-BonEagle International Inc. and the USD6 million to USD8 million investment plan of Neotek and Accton Technology Corp.
The expansion plans for Chimei’s artificial intelligence-based solutions and LCD monitors, as well as the solar energy projects of Budget Energy Corp., AcBel Polytech, Inc., and the Philippine branch of Yeng Hsing, are additional investment commitments from Taiwan.
As Taiwan’s economy is fueled by a vibrant manufacturing sector that produces goods in the fields of electronics, machinery, petrochemicals, energy, and information and communications technology (ICT), Tereso Panga, the PEZA officer in charge, said, “We aim to attract more investments in high-technology industries.”
Aside from these commitments to invest, PEZA reported that personal protective equipment manufacturer Medtecs International Corp. Ltd. was looking for a 100-hectare plot of land and Asia Optical Co. Inc. was seriously interested in developing a five-hectare agro-industrial park with an initial investment of PHP1 billion.
Additionally considering investments in the nation are the hydroponics firms Giyu Industrial Co., Ltd., Haoyung International, Huang Lin Machinery Co., Ltd., and Cyberpower, a manufacturer of car batteries.
Panga continued, “PEZA shall attract and target strategic and high-tech industries from Taiwan that will promote the development of industry clusters, the sophistication of ecozone products, the diversification of exports, labor-intensive and highly skilled jobs, knowledge transfer, and the creation of labor-intensive jobs.
The final week of October saw the investment mission to Taiwan.
As of July 2022, PEZA had 108 Taiwanese companies registered, with investments totaling PHP32.87 billion.
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