Eight Taiwanese companies, majority of which specialize in electronics and semiconductor products as well as industrial/machinery parts and components, have expressed “keen interest” in expanding their presence in the Philippine manufacturing sector, according to the Board of Investments (BOI).
In a statement issued on Thursday, the BOI said the Philippines welcomed a Taiwanese business delegation on May 16, 2023.
The delegation, the BOI noted, comprising high-ranking officials from eight Taiwanese companies, expressed keen interest in expanding their presence in the manufacturing sector.
Most of the visiting companies specialize in the manufacture of electronics and semiconductor products as well as industrial/machinery parts and components, the investment promotion agency also noted.
According to BOI, of particular interest to three companies within the delegation was the country’s semiconductor industry.
These companies, the BOI added, are particularly engaged in manufacturing circuit boards, high precision terminals for memory card connectors, and metal stamping parts.
As to the purpose of the business delegation’s visit, the BOI said they came to explore incentives available for the semiconductor industry in the Philippines, assess local market demand, and establish connections with existing IC packaging and testing companies.
In addition, they sought “guidance” on establishing manufacturing sites, including land and factory acquisitions, the BOI said.
The rest of the Taiwanese companies, the BOI said, are also interested in the real estate business and manufacture of air care/home fragrance products, as well.
According to BOI, Taiwan “consistently” ranks among the Philippines’s top sources of investment.
In fact, it said, “In 2022, Taiwan’s investment pledges reached approximately $5 million [P928.9 million], making it the country’s 10th largest source of investments.”
Further, foreign direct investments from Taiwan amounted to $21.18 million, positioning it as Philippines’s 10th largest investor.
“This recent visit of the Taiwanese business delegation not only strengthens the economic ties between the two nations but also paves the way for further collaboration and growth,” BOI said in its statement on Thursday.
