Taiwanese investments in PH reach P32 B

Published November 28, 2021, 9:00 PM

by Bernie Cahiles-Magkilat

Taiwanese investments in the Philippines have reached P32.3 billion and generated 40,000 jobs, even as more Taiwanese firms have expressed keen interest to invest in the country once the pandemic is further mitigated, the Taipei Economic and Cultural Office (TECO) said.

TECO Head of Mission Michael Peiyung Hsu said in a speech at the Global Biz with PEZA featuring Taiwan that his office in Manila has been receiving inquiries about investing in the Philippines since the outbreak of COVID-19 pandemic. “We look forward to more Taiwanese investors coming to the Philippines when the pandemic is further mitigated,” said Hsu at the virtual event attended by PEZA Director General Charito B. Plaza and officials from the TECO counterpart Manila Economic and Cultural Office (MECO) led by Chairman and Resident Representative Wilfredo B. Fernandez.

According to Hsu, more Taiwanese firms have expressed keen interest to invest in the Philippines encouraged by the initiatives of the PEZA to further ease doing of business for investors in the economic zone.

In particular, Hsu cited the facilitation efforts of PEZA to issue 2-year visa to foreign investors, key employees and their dependents starting December 1, 2021. The processing of visa facilitation and approval will also be reduced to 10 days from one month.

“In this regard, we would like to inform you that there have been many positive responses from Taiwanese locators of PEZA to this new measure,” announced Hsu.

Hsu cited PEZA Director General Charito B. Plaza helping in facilitating ease of doing business for PEZA-registered Taiwanese companies and factories.

To date, Hsu said there are 112 Taiwanese locators in PEZA-registered economic zones, mainly investing in electric equipment and apparatus, metal products manufacturing, as well as real estate industry.

These Taiwanese firms have poured in P32.3 billion in total over the past years, creating 40,000 jobs. The most significant investors include Kinpo Electronics (Philippines), Inc., Acbel Polytech Philippines, Inc., and Tong Hsing Electronics Phils. Inc.

Even in the difficult time of the COVID-19 pandemic in 2020, Hsu said Taiwanese companies such as Adapter Technology Co. Ltd. and Sunon Properties Philippines Corp. still chose to invest in the Philippines.

He cited the resiliency of the Philippine economy, which still managed to grow 7.1 percent in the third quarter despite the re-implementation of strict quarantine measures. Hsu expects the country’s economic growth to reach the government’s 4-5 percent target this year.