MANILA – The Philippine Economic Zone Authority (PEZA) is targeting to lure more investments from Taiwan with the signing of the bilateral investment agreement and the New Southbound Trade Treaty between the two economies.
PEZA deputy director-general Tereso Panga said that the investment promotion agency hopes to maintain Taiwan as one of the topmost investors in PEZA.
PEZA held Global Biz with Taiwan on Tuesday. It was attended by PEZA director-general Charito Plaza, Manila Economic and Cultural Office and Resident Representative to Taiwan Wilfredo Beltran Fernandez, and Taiwan Economic and Cultural Office head of Mission Michael Peiyung Hsu.
“Given Taiwan’s status as the 7th largest economy in Asia and 20th largest in the world by purchasing power parity certainly, the Philippines will benefit from its increased economic cooperation with Taiwan,” Panga said on Wednesday.
He added that Taiwan has a competitive manufacturing sector, especially in electronics, machinery, and petrochemicals as well as energy and information and communications technology, which they can expand in the Philippines.
According to the PEZA official, there are 112 Taiwanese enterprises registered with PEZA.
Their total investments amounted to P32.3 billion, creating nearly 40,000 employment for Filipinos.(PNA)
