By Bernie Cahiles-Magkilat
Published: August 15, 2013
Three Taiwanese firms have committed to invest $32 million, approximately R1.34 billion, in the Philippines even at the height of the political spat between both economies while more are expected now that the dispute is over, the Manila Economic Cultural Office said.
MECO chairman Amadeo R. Perez Jr. identified these firms as Tai Han Precision with $20 million investments, Biotech Medical with $12 million, and Taiwan Fructose with $10 million worth of investments.
“These investments even came during the height of the tension arising from the shooting of a Taiwanese fisherman in the Balintang Channel,” Perez said.
Tai Han will produce printer parts and components in Lima Techno Park in Batangas for supply to the printer manufacturing operations of Epson and Brother in the country.
Biotech Medical has already reserved 3 hectare ecozone lot in Hermosa, Bataan for the production of medical supplies, including syringes for exports.
Taiwan Fructose, which has been registered with the Securities and Exchange Commission, will supply some of Nestlé’s requirements. The company will locate its facility in the First Philippine Industrial Park in Batangas.
“Now that the problem is over, we expect more Taiwanese to invest here,” he said.
Perez further said that another Taiwanese firm is putting up a hotel in Pangasinan and a fish processing facility.
“This investment should not be lower than half a billion pesos,” Perez said.
A Taiwanese supplier for Coach, maker of high-end bags, is also planning to put up a printing and design facility for Coach.
According to Perez, the Taiwanese investments in mainland China would run to about $3 trillion and many of them are leaving or planning to relocate somewhere else because of the high cost of labor in China.
“The biggest beneficiary of this exodus outside of China is Vietnam because they have low cost labor,” he added.
Many Taiwanese firms would also like to relocate here despite the high cost of labor because, “We have the strongest economic growth in Asia and they want to take advantage of that.”
“One thing they appreciate the transparency of the government under President Aquino,” he added.
In terms of trade, the Philippines is on the losing end as it suffered a huge trade deficit with Taiwan. Data from the National Statistics and Census Board, Philippine exports to Taiwan as of April this year reached only $517 million as against imports of $1.5 billion.
In 2012, the Philippines imported $4.8 billion, mostly electronics products, and exported only $1.9 billion.
“Our major export is our OFWs who remit about R1 billion a month back to the country, but in terms of merchandize not that much,” Perez said.This highly lopsided bilateral trade relations is largely because the Taiwanese investors in the country mostly exports their products directly to the US and Europe but not to Taiwan, Perez explained.
MECO chairman Amadeo R. Perez Jr. identified these firms as Tai Han Precision with $20 million investments, Biotech Medical with $12 million, and Taiwan Fructose with $10 million worth of investments.
“These investments even came during the height of the tension arising from the shooting of a Taiwanese fisherman in the Balintang Channel,” Perez said.
Tai Han will produce printer parts and components in Lima Techno Park in Batangas for supply to the printer manufacturing operations of Epson and Brother in the country.
Biotech Medical has already reserved 3 hectare ecozone lot in Hermosa, Bataan for the production of medical supplies, including syringes for exports.
Taiwan Fructose, which has been registered with the Securities and Exchange Commission, will supply some of Nestlé’s requirements. The company will locate its facility in the First Philippine Industrial Park in Batangas.
“Now that the problem is over, we expect more Taiwanese to invest here,” he said.
Perez further said that another Taiwanese firm is putting up a hotel in Pangasinan and a fish processing facility.
“This investment should not be lower than half a billion pesos,” Perez said.
A Taiwanese supplier for Coach, maker of high-end bags, is also planning to put up a printing and design facility for Coach.
According to Perez, the Taiwanese investments in mainland China would run to about $3 trillion and many of them are leaving or planning to relocate somewhere else because of the high cost of labor in China.
“The biggest beneficiary of this exodus outside of China is Vietnam because they have low cost labor,” he added.
Many Taiwanese firms would also like to relocate here despite the high cost of labor because, “We have the strongest economic growth in Asia and they want to take advantage of that.”
“One thing they appreciate the transparency of the government under President Aquino,” he added.
In terms of trade, the Philippines is on the losing end as it suffered a huge trade deficit with Taiwan. Data from the National Statistics and Census Board, Philippine exports to Taiwan as of April this year reached only $517 million as against imports of $1.5 billion.
In 2012, the Philippines imported $4.8 billion, mostly electronics products, and exported only $1.9 billion.
“Our major export is our OFWs who remit about R1 billion a month back to the country, but in terms of merchandize not that much,” Perez said.This highly lopsided bilateral trade relations is largely because the Taiwanese investors in the country mostly exports their products directly to the US and Europe but not to Taiwan, Perez explained.
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