The Philippine Economic Zone Authority (PEZA) eyes attracting more investments in high-technology industries from Taiwan following the country’s investment mission in the East Asian economy. The strengthening cooperation with Taiwan and the Philippines is set to bring tangible benefits the Southeast Asian counterpart, as Taiwan is the seventh biggest economy in Asia and the 20th largest in the world in terms of purchasing power parity.
PEZA aims to 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, also thanks to the CREATE (Corporate Recovery and Tax Incentives for Enterprises) investment and tax incentives in place. The Philippines could benefit from the technological advancement of Taiwan, whose economy is driven by a competitive manufacturing sector in the fields of electronics, machinery, petrochemicals, energy, and information and communications technology (ICT) products.
There are 108 Taiwanese companies registered in PEZA as of July 2022 with total investments amounting to PHP 33 billion (USD 560 million). These firms are engaged in the manufacturing of electrical machinery and apparatus, apparel, fabricated metal products, radio, television, and communication equipment and apparatus as well as real estate activities.
(Source: Philippine News Agency)