Investment promotion agency Philippine Economic Zone Authority, is targeting more Taiwanese investments for the final quarter.
PEZA held a trade mission in collaboration with the Department of Trade and Industry-Philippines Investment Trade Center, the Board of Investments, the Manila Economic and Cultural Office, Taipei Economic and Cultural Office, and Taiwanese Business Chambers, as part of “The Make It Happen in the Philippines” campaign.
The investment mission also saw business-to-business meetings between delegation members and Taiwanese enterprises.
High tech firms welcome
He added that PEZA aims to attract more investments 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, stating “that the Philippines can benefit from the technological advancement of Taiwan.”
“As of July 2022, there are a total of 108 Taiwanese enterprises registered in PEZA which contributed a total of P32.87 billion of investments, $535.527 million of exports, and 46,564 direct jobs.” the agency said.
Among the big-ticket PEZA-registered Taiwanese companies in PEZA include Sunon Properties, Tong Shing Electronics, Kinpo Electronics and its affiliate company Acbel Polytech.
With the new tax incentives in place under the Corporate Recovery and Tax Incentives for Enterprises Act, Panga expressed with confidence that “PEZA shall attract and target strategic and high-tech industries from Taiwan that will provide for ecozone product sophistication, export diversification, labor-intensive and high-skilled jobs, knowledge transfer, enhanced local supply chain, and creation of industry clusters.”