Solidifying its position as the leading gateway to Southeast Asia and the premier investment destination of choice, the Philippines once again welcomed a Taiwanese business delegation on May 16, 2023 seeking to capitalize on the country’s abundant investment opportunities.
Following the successful mission of the first batch of Taiwanese delegates last March 06, 2023, the visit, organized by the Philippine Board of Investments (BOI) and the Philippine Trade and Investment Center in Taipei (PTIC-Taipei), provided valuable insights during an engaging investment briefing held at the BOI Head Office in Makati.
The delegation, comprised of high-ranking officials from eight Taiwanese companies, expressed keen interest in expanding their presence in the manufacturing sector, which has been always been a top recipient of approved investments from Taiwan.
Majority of the visiting companies specialize in the manufacture of electronics and semiconductor products as well as industrial/machinery parts and components.
Of particular interest to three companies within the delegation was the country’s semiconductor industry. These companies are engaged in manufacturing circuit boards, high precision terminals for memory card connectors, and metal stamping parts. Their visit aimed to explore incentives available for the semiconductor industry in the Philippines, assess local market demand, and establish connections with existing IC packaging and testing companies. Additionally, they sought guidance on establishing manufacturing sites, including land and factory acquisitions. Among the delegation were companies interested in the real estate business and manufacture of air care/home fragrance products, as well.
The BOI’s presentation left a lasting impression on the delegation, showcasing the government’s commitment to fostering economic growth and facilitating a business-friendly environment for foreign companies. This reaffirmed the Philippines’ status as an investment hotspot in the ASEAN region, aligning perfectly with the goals of the Taiwanese companies.
The Philippines and Taiwan share a robust partnership, bolstered by their geographic proximity and complementary advantages in key sectors such as manufacturing and services. Taiwan consistently ranks among the Philippines’ top sources of investment. In 2022, Taiwan’s investment pledges reached approximately USD5 million (PHP928.9 million), making it the country’s 10th largest source of investments. Furthermore, foreign direct investments from Taiwan amounted to USD21.18 million, positioning it as the 10th largest investor.
This recent visit of the Taiwanese business delegation not only strengthens the economic ties between the two nations but also paves the way for further collaboration and growth.
