Market access for agriculture products to the Taiwanese market is seen to narrow the trade imbalance between Manila and Taipei.
At the 26th Chinese Philippine Business Council-Philippine Chinese Business Council Joint Meeting yesterday, local officials urged Taiwanese firms to boost their foreign direct investments (FDIs) in the Philippines.
Benedicto Yujuico, president of the Philippine Chamber of Commerce and Industry (PCCI) in
his speech at the coincided with the 2020 Taiwan-Philippines Industrial Collaboration Summit, officials of both countries yesterday kicked off a high-level meeting to discuss the market access of Philippine young coconuts and mangoes and other trade items into Taiwan.
Trade Undersecretary Ceferino Rodolfo expressed confidence the country remains a conducive place to invest in for Taiwanese companies which are looking to expand or to diversity their business in the region.
Counting on the post- pandemic recovery of the Philippines and Taiwan’s Southbound policy, Rodolfo invited Taiwanese businesses to explore trade and investments and joint venture in the following sectors in the Philippines: semiconductors, information and communication technology, health, food and agriculture and high technology.
Angelito Banayo, chairman of the Manila Economic & Cultural Office, said Taiwan is the 9th biggest source of foreign direct investments in the past four years but much more has to be done to improve those numbers compared with those in other Asean countries.
Yujuico said in 2019, total trade between the Philippines and Taiwan stood at $7.1 billion.
Philippine exports to Taiwan amounted to $2.3 billion while imports from Taiwan was at $4.8 billion.
“The primary advocacy of PCCI is to assist the government in balancing the trade of Philippines with its trading partners and I am glad that there will be a high-level meeting later to discuss the market access of Philippine young coconuts and mangoes and other trade items into Taiwan as an integral part of this year’s Summit. We strongly hope that this meeting will signal the improvement of bilateral trade and will pave the way in resolving the market access issues between our two countries in a mutually beneficial manner,” Yujuico said.
Yujuico said the PCCI also hopes see more Taiwanese manufacturers relocating their factories to the Philippines.
Banayo also extended his invitation to Taiwanese companies to explore the manufacture of next -generation, high-value electronics, to participate in the country’s massive infrastructure, in building smart cities and in modernizing agriculture and in mechanizing food production.
“Taiwan would be helpful helpful in Increasing our agri farmers and help agriculture businesses for growth,” Banayo said in his remarks.