The Philippine Economic Zone Authority (PEZA) will double its efforts to attract foreign investors during the post-pandemic period, as the agency targets more Taiwanese firms in choosing the country’s economic zones to put up their overseas operations.
During the virtual “Global Biz with PEZA” featuring Taiwan, anchored on the theme “Doing Business in PEZA: Investment Opportunities for the Taiwanese Business Community,” PEZA Director General Charito Plaza said a breakout in new ecozones will happen as the country wanted to fully-industrialize and, at the same time, utilize idle lands.
“We have a total of 30 million landholdings in the country and these are being identified to be created into different types of ecozones, so that the equivalent type of industries can be located,” according to Plaza.
Plaza said as of August 2021, PEZA has hosted a total of 112 registered Taiwanese companies, and they hope to continue increasing these investors’ presence in the country.
“Likewise, we are now transforming our existing ecozones into townships, meaning, we are not only providing an area for the factories or where industries can be located. We also provide commercial and residential areas so that our investors and locator’s workers can live, learn, work and play, with assured safety and security,” she explained.
Top Taiwanese companies currently operating in the country include Sunon Properties Philippines Corp., Tong Hsing Electronics Phils. Inc., Kinpo Electronics (Philippines) Inc., Acbel Polytech Philippines Inc., Bojie Development Corporation, Shang Mei Philippines Corporation, Taihanland (Philippines) Inc., Bioteque Medical Phils. Inc., Phil Bright Corporation and Torn Yang Phils. Inc.
These companies have already generated P32.3 billion in terms of total investments, and have provided almost 40,000 jobs to Filipinos.
Tech transfer also
Manila Economic and Cultural Office (MECO) Chairman and Resident Representative Wilfredo Fernandez noted as part of the reforms he initiated to make Taiwan a premiere source of foreign direct investments (FDI) was the focus on technology transfer.
He said Taiwanese firms should not only bring in investments but also new technology to the country.
“When you invest, you also transfer technology. We would like Taiwan to look into the Philippines as a possible country of investment for their chip technology, as we all know that the chip manufacturing industry is the crown jewel of Taiwan. They need not recruit overseas Filipino workers but just settle in Manila and coordinate with PEZA,” he said.
Fernandez also revealed that a Taiwanese medical company is also being targeted by MECO to locate in the country which has a good chance of proceeding with their plan to invest in the Philippines.
“On top of this, we have been contacting manufacturers of Covid 19 test kits and we are seeing good results since Taiwan has the best equipment and products that can give Covid test results in 20 minutes, can be considered a breakthrough. We believe that this Covid 19 pandemic will be gone soon, and we will have more Taiwanese businessmen and visitors to enter Manila,” according to Fernandez.