Politics

Taiwan investment pledges worth $65M reported by ecozone regulator 

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REUTERS

THE Philippine Economic Zone Authority (PEZA) said potential Taiwan locators have made $65 million worth of investment pledges in the wake of a recent roadshow promoting the Philippines.

PEZA said the Oct. 24 trade mission obtained seven investment pledges from Taiwan companies.

These include an expansion projects by CHIMEI, which is planning new operations involving artificial intelligence (AI)-based solutions and LCD monitors; Budget Energy Corp., which is seeking to expand its solar energy operation in Hermosa, Bataan and Subic; YFC-BonEagle International, Inc., whose expansion over the next two years will entail investment of $40 million.

PEZA added that Neotek and Accton Technology Corp. are also exploring investment opportunities in the Philippines, with Neotek hoping to invest $6-$8 million.

PEZA said that other companies also expressed interest in becoming locators, such as Asia Optical Co., Inc., which is seeking a five-hectare site in which it will initially invest about P1 billion.

It added that personal protective equipment manufacturer Medtecs International Corp. Ltd. is scouting a 100-hectare site. Other prospects include battery firm Cyberpower, green energy firm Haoyung International Co., Ltd., and vertical farming and hydroponics company Huang Lin Machinery Co., Ltd.

“We aim to attract more investment in high-technology industries as Taiwan’s economy is driven by a competitive manufacturing sector in the fields of electronics, machinery, petrochemicals, energy, and information and communications technology (ICT) products,” PEZA Officer-in-Charge Tereso O. Panga said.

“Not only do we aim to learn from Taiwan, being the seventh-biggest economy in Asia and the 20th largest by purchasing power parity in the world. We also seek to bring to the country strategic and big-ticket investments that will be vital in our goal of economic growth and development post-pandemic,” he added.

The investment mission was deployed in collaboration with the Department of Trade and Industry’s (DTI) Philippine Trade and Investment Center, the Board of Investments, the Manila Economic and Cultural Office, the Taipei Economic and Cultural Office, and Taiwan Business Chambers.

“As of July 2022, there are a total of 108 Taiwan enterprises registered in PEZA which accounted for P32.87 billion in investment, $535.527 million worth of exports, and 46,564 direct jobs,” Mr. Panga said.

Some of the major PEZA-registered Taiwan firms include Sunon Properties, Tong Shing Electronics, Kinpo Electronics and its affiliate company Acbel Polytech. — Revin Mikhael D. Ochave