Taiwanese firms pledge to invest $65M in PH
The Philippines secured $65 million worth of investment pledges from Taiwan during a four-day trade mission held late last month, with more seen on the horizon as the country remains keen on getting investors from the East Asian economy.
In a statement on Tuesday, the Philippine Economic Zone Authority (Peza) said the October trip had yielded seven investment pledges from major Taiwanese firms in high-tech industries such as artificial intelligence (AI) and renewable energy.
Among the investment pledges are expansion projects from CHIMEI, which proposes development of AI-based solutions and LCD monitors; Budget Energy Corp., which proposes project expansion of Solar Energy Development in Hermosa and Subic; YFC-BonEagle International, Inc., which has an expansion plan in the next two years amounting to $40 million, the investment promotion agency said.
There were investment pledges also from electronic firm AcBel Polytech Inc., as well as from the Philippine branch of the chemical company, Yeng Hsingh Co., Ltd.
“Neotek and Accton Technology Corp. are also exploring investment opportunities in the Philippines through Peza, with Neotek planning to invest $6-$8 million,” said Peza.
Aside from these investment pledges, Peza said there were also serious interests from other Taiwanese firms during the business mission.
“This includes Asia Optical Co., Inc., a company that is into [a variety] of gun products, looking to put up an agro-industrial park with a 5-hectare ecozone area requirement and an estimated initial cost of investment amounting to P1 billion,” said Peza.
Additionally, Peza said Medtecs International Corp. Ltd., a manufacturer of personal protective equipment, and Cyberpower, a company into car batteries and power banks, are also looking for at least 100-hectares of available land for their operations.
Other companies which expressed keen interest in investing in the Philippines are Haoyung International Co., Ltd., a company into green energy, as well as Huang Lin Machinery Co., Ltd. and Giyu Industrial Co., Ltd. that are both into vertical farming and hydroponics.
As of July 2022, there are a total of 108 Taiwanese firms registered under Peza with a total contribution of P32.87 billion worth of investments, $535.527 million worth of exports and generated 46,564 direct jobs. INQ
