The Philippine Economic Zone Authority (PEZA) is expecting new investments from Taiwan after securing an investment promotion partnership with one of its largest commercial banks, Cathay United Bank (CUB).

In a statement, PEZA said it has signed a memorandum of understanding (MOU) with CUB and Rizal Commercial Banking Corp. (RCBC) to advance its investment promotion agenda.

The agency said this expanded collaboration with the two financial institutions is rooted in facilitating the entry of foreign direct investments (FDIs) into the country.

The agreement also aims to attract more multinational companies to expand in the Philippines, reinforcing the country’s position as a strategic hub for sustainable and globally competitive industries.

PEZA Deputy Director General for Policy and Planning Anidelle Joy Alguso said the agreement is a boon to strengthen the trade relationship between Taiwan and the Philippines.

“This clear effort serves as a concrete bridge that allows us to weather storms and foster a sustained engagement that carries forward the close ties and friendships we have forged,” said Alguso.

RCBC, which is among the strongest supporters of PEZA’s investment promotion initiatives, said signing another agreement with the agency is part of its commitment to supporting national development.

“In RCBC, we are dedicated to our role as a key partner in nation-building…with the new Southbound policy, I am confident that we can grow further” said RCBC President and CEO Reginaldo Anthony Cariaso.

Cariaso is referring to Taiwan’s Southbound policy, which aims to enhance economic and trade collaboration between Taiwan and countries in Southeast Asia, South Asia, and Australasia.

CUB Vice President Executive Benny Miao echoed this sentiment, noting that the bank is confident in the country’s investment appeal.

“This partnership with RCBC and PEZA reinforces our commitment and trust we have built with the Philippines,” said Miao.

“Our goal is to empower Taiwanese and multinational enterprises to successfully extend into the Philippine market,” he added.

PEZA said it is expecting the partnership with the CUB to attract Taiwan-based investors and multinationals seeking growth in Southeast Asia.

Based on PEZA data, Taiwan is the eighth top source of foreign investments in Philippine economic zones, accounting for over ₱15 billion.

These investments have generated more than $300 million in exports and employed more than 20,600 Filipino workers, according to the agency.

PEZA has doubled down on its efforts to attract foreign direct investments from Taiwan, Hong Kong, and China to tame headwinds caused by uncertainties stemming from the tariff policy of the United States.

The agency is looking to harness the China+1+1 strategy, where companies maintain their operations in China while expanding to other Asian markets.

During the first seven months of the year, investment approvals by PEZA reached ₱90.96 billion, more than doubling the ₱45.48 billion approved during the same period last year.

The pledges, which will eventually materialize into actual investments over time, cover 150 new and expansion projects.

These projects are expected to create nearly 36,000 jobs and generate around $2 billion in export revenues.