Taiwan, PH expect rise in bilateral trade

Bilateral trade and investments between the Philippines and Taiwan are expected to grow at a faster pace next year with the opening of Taiwan’s trade promotion office in Manila before the end of this year.

“The establishment of the Taiwan Trade Center Manila Office will help enhance business and trade relations between Taiwan and the Philippines. We will encourage and invite more Taiwan firms to visit the Philippines, and we will invite more trade missions from Manila as we move to promote two-way trade,” said Peter W.J. Huang, president and CEO of Taiwan External Trade Development Council (Taitra).

As it is, Taiwan expects its bilateral trade with the Philippines to increase by 10 percent growth to $12 billion, from the $10.9 billion recorded in 2012.

“This year, we see around a 10-percent increase [in bilateral trade]. But next year, we see trade between Taiwan and the Philippines growing at a faster pace and better than the 10 percent this year. This is our goal,” Huang added.

“I think that in 2014 there will be more traffic between the two countries. We are optimistic about the outcome for next year because there is great potential in the Philippines, which has a young population and abundant natural resources,” he added.

Huang added that trade missions from Taiwan to the Philippines were expected to more than double next year with the establishment of the trade promotion office. Every year, Taiwan sends about four delegations to the Philippines. Next year, the number is expected to increase to eight to 10.

At the same time, Huang said Taiwan would also invite more Philippine businessmen to visit Taiwan to identify business opportunities that they could tap.

In the meantime, Trade Undersecretary Ponciano C. Manalo Jr. lauded the establishment of Taiwan’s 60th overseas promotion office in Manila, noting that the Philippines “sees Taiwan as an important trading partner as evidenced by our bilateral trade figures as well as the prospects shown by the specific drivers that supported our recent GDP growth.”