THE Board of Investments (BoI) is inviting more Taiwan investors to enter the Philippine market, noting that some export locators have expanded recently.
Ceferino S. Rodolfo, BoI managing head and Trade undersecretary, said the door is fully open to Taiwan companies, with the Philippine economy picking up momentum in the wake of the coronavirus disease 2019 (COVID-19) pandemic.
“We are ready to make it happen for you here in the Philippines. (The) door is fully open. In the Philippines, even during the pandemic, we strive hard to make sure that export manufacturing remains in operation. Some have even expanded,” Mr. Rodolfo said during a recent webinar conducted by the Bases Conversion and Development Authority (BCDA) and the Taipei Economic and Cultural Office (TECO) in the Philippines.
He added that the business climate is set to improve following the passage of amendments to the Retail Trade Liberalization Act and the amendments to the Public Service Act and Foreign Investment Act, which are awaiting the signature of President Rodrigo R. Duterte.
Mr. Rodolfo encouraged Taiwan companies to jointly develop and process minerals needed to fill gaps in the value chain for electric vehicles.
“We invite Taiwan companies so that we can process nickel, cobalt, and copper,” Mr. Rodolfo said.
TECO representative in the Philippines Michael Peiyung Hsu called New Clark City in Tarlac a promising venue for Taiwan investors.
According to the BCDA, 15 Taiwan companies have located in New Clark City, generating 4,933 jobs and accounting for investment worth $213.54 million.
BCDA Executive Vice-President Aileen Anunciacion R. Zosa said some of the investment opportunities in New Clark City include the Information and Communication Technology Corridor Project, the Data Center Colocation Facility, the Solid Waste Management, the Waste-to-Energy Project, and Research and Knowledge-based Pharmaceutical and Medical Facilities. — Revin Mikhael D. Ochave
