The Philippine Economic Zone Authority (PEZA) has formalized a tripartite partnership with Rizal Commercial Banking Corporation (RCBC) and Cathay United Bank (CUB) to reinforce the country’s investment promotion agenda and attract more multinational companies, particularly from Taiwan.

The memorandum of understanding (MoU), signed on 18 August, seeks to expand investment facilitation and strengthen the Philippines’ position as a strategic hub for sustainable and globally competitive industries. Signing the agreement were PEZA deputy director general for Policy and Planning Anidelle Joy Alguso, RCBC president and CEO Reginaldo Anthony Cariaso, and CUB vice president executive Benny Miao.

In a message relayed on behalf of PEZA director general Tereso Panga, Alguso underscored the significance of deepening bilateral trade ties.

Goal is robust trade

“I echo the call for a more robust trade relationship between Taiwan and the Philippines… bringing it back to pre-pandemic levels,” she said, stressing that renewed linkages across the Bashi Strait can strengthen resilience and long-term partnerships.

Cariaso said the partnership aligns with the bank’s nation-building thrust. “In RCBC, we are dedicated to our role as a key partner in nation-building… with the new Southbound policy, I am confident that we can grow further,” he noted.

Echoing this, CUB’s Miao emphasized the bank’s long-term trust in the Philippine market. “This partnership with RCBC and PEZA reinforces our commitment and trust we have built with the Philippines… our goal is to empower Taiwanese and multinational enterprises to successfully extend into the Philippine market,” he said.

PEZA acknowledged RCBC’s sustained support in facilitating foreign investments and said the collaboration with CUB would help attract more Taiwanese companies to establish operations in the Philippines.

Taiwan is currently the eighth-largest investor in PEZA zones, with over P15 billion in cumulative investments, generating more than $300 million in exports and employing over 20,600 Filipinos.