NextGen Day

With the signing of a bilateral investment agreement and the New Southbound Trade Treaty between the two countries, the Philippine Economic Zone Authority (PEZA) hopes to attract additional investments from Taiwan.

Tereso Panga, PEZA’s deputy director-general, said on his personal social media account on September 29, 2021, that the investment promotion agency wants to keep Taiwan as one of PEZA’s top investors.

On Tuesday, PEZA director-general Charito Plaza, Manila Economic and Cultural Office (MECO) and Resident Representative to Taiwan Wilfredo Beltran Fernandez, and Taiwan Economic and Cultural Office (TECO) Head of Mission Michael Peiyung Hsu attended a Global Biz with Taiwan event.

“Given Taiwan’s position as Asia’s seventh biggest economy and the world’s twenty-first largest by purchasing power parity, the Philippines would undoubtedly gain from greater economic cooperation with Taiwan,” Panga added.

Taiwan has a competitive manufacturing sector, particularly in electronics, machinery, and petrochemicals, as well as energy and information and communications technology, which he believes they can develop in the Philippines.

According to a PEZA representative, 112 Taiwanese businesses have registered with the organization.

Their overall investments were PHP32.3 billion, resulting in the employment of approximately 40,000 Filipinos.

Sunon Properties, Tong Shing Electronics, Kinpo Electronics, and its affiliate company Acbel Polytech are among the top Taiwanese investors in PEZA, according to Panga. Sunon Properties has invested PHP4.5 billion, Tong Shing Electronics has invested PHP2.9 billion, Kinpo Electronics has invested PHP2.1 billion, and Kinpo Electronics has invested PHP1.7 billion.

“With the CREATE (Corporate Recovery and Tax Incentives for Enterprises Act) investment and tax incentives in place, PEZA 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 cluster creation,” Panga said.

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