Seven Taiwanese firms have committed to expand in the country with investment pledges amounting to P3.7 billion, approximately $65 million, on top of other manufacturing firms that are also interested to operate here, the Philippine Economic Zone Authority (PEZA) reported.
PEZA said the investment pledges are expansion projects from CHIMEI, which proposes development of Artificial Intelligence (AI)-based solutions and LCD monitors; Budget Energy Corp., which proposes project expansion of Solar Energy Development in Hermosa and Subic; YFC-BonEagle International, Inc., which has extension plan in the next two years amounting to $40 million; AcBel Polytech Inc., and Yeng Hsing Philippine Branch.
PEZA OIC Deputy Director General Tereso O. Panga said the various business interests were generated during the recent Philippine-Taiwan Investment Mission to Taiwan.
Aside from the seven, Panga said, Neotek and Accton Technology Corporation are also exploring investment opportunities in the Philippines through PEZA, with Neotek planning to invest $6-8 million.
Meanwhile, PEZA also gathered serious interests from companies during the various B2B meetings attended by PEZA for the duration of the business mission.
Among them is Asia Optical Co., Inc., which is looking for a five-hectare ecozone area to put up an agro-industrial park with estimated initial investment of P1 billion.
PEZA also reported that Medtecs International Corporation Limited, a manufacturer of personal protective equipment, is looking for at least 100 hectares for expansion opportunities in the country.
Other interested companies include Cyberpower, a company into car batteries, power bank, UPS; Haoyung International Co., LTD, a company into green energy; and Huang Lin Machinery Co., LTD and Giyu Industrial Co., LTD, which are seriously looking at expanding their vertical farming and hydroponics in the Philippines.
With the positive outcome of the investment mission in Taiwan, Panga expressed confidence of hitting the agency’s 6 percent to 7 percent growth target in investments this year. PEZA is also banking on the growth from its winner ecozone sectors IT business process management, which is targeting 15 percent growth in exports this year, and the electronics and semiconductor, which sees a 10 percent exports growth this year.
As of July this year, there are a total of 108 Taiwanese enterprises registered in PEZA contributing total investments of P32.87 billion, $535.527 million of exports, and 46,564 direct jobs.
Among the big-ticket PEZA-registered Taiwanese companies in PEZA include Sunon Properties, Tong Shing Electronics, Kinpo Electronics and its affiliate company Acbel Polytech.
The four-day Philippine-Taiwan Investment mission held last Oct. 24 was in collaboration with the Department of Trade and Industry (DTI)-Philippines Investment Trade Center (PTIC), the Board of Investments (BOI), Manila Economic and Cultural Office (MECO), Taipei Economic and Cultural Office, and Taiwanese Business Chambers.
The mission is part of the “The Make It Happen in the Philippines” campaign attended by MECO Representative Silvestre Bello III and BOI Managing Head Ceferino S. Rodolfo.