Ten companies from Taiwan are interested in investing in the Philippines, according to Tereso Panga, officer-in-charge of the Philippine Economic Zone Authority (PEZA).
Panga said PEZA is also working on realizing the $65 million investment pledges from the outbound investment mission held in Taiwan last October 2022,
Panga also said PEZA expects the entry into the Philippines of small commodity producers from China.
Panga said the agency recently held back-to-back investment promotion briefings for Taiwanese and Chinese investors in Makati City.
At the briefing for Taiwanese business delegation last March 6, Panga said 8 companies – engaged in the manufacture of consumer electronics, car brake pads, screws and other steel products, centrifugal fans, hardware materials, paper and packaging products – and two logistics companies are eyeing to register their export and domestic market-oriented projects under the PEZA and the Board of Investments (BOI).
There are 109 Taiwanese locator companies registered with PEZA, generating a total of P33.165 billion investments, $765.249 export revenues and 38,749 direct jobs. Top Taiwanese ecozone investors are Sunon Properties, Tong Hsing Electronics, Kinpo Ekectronics, Acbel Polytech and Bojie Development Corp.
PEZA and BOI on March 7 briefed Chinese investors from the Yiwu China Commodities City (YCCC) which were invited to set up their production facilities ideally in the ecozones.
Under the Corporate Recovery and Tax Incentives for Enterprises, PEZA may now register with incentives small and medium enterprises and manufacturing companies that will locate in the ecozones to cater to the domestic market.
These ecozone manufactured products can be readily made available to the domestic market, which are expected to be cheaper (as compared to imported products) and thus, benefiting the Filipino consumers.
Founded in 1982, YCCC is located in Yiwu City, Zhejiang province. With more than 75,000 stores and small commodity producers of 2.1 million items in 26 large-scale business categories, Yiwu market has trade relations with more than 210 countries and regions around the world. YCCC is touted as the world’s capital of small commodities, as recognized by the United Nations, the World Bank and Morgan Stanley.
