With Taiwan being the ninth-largest foreign investor in the Philippines, Taiwanese investors continue to pour in the neighbor economy saying that investing in the country is “very encouraging”.
In celebration of the 103rd National Day of the Republic of China (Taiwan), Representative Dr. Gary Song-Huann Lin said the Taiwanese investors are relocating to the Philippines and hopes that the two countries will continuously work hand-in-hand in the years to come.
Taiwan has prominent presence, particularly in Subic Bay, Metro Manila, Davao and Cebu in the fields of agriculture, fishery, manufacturing, construction, electric power, mining, pharmaceutical, electronics, information communication technology, sports, motor vehicles, tourism, motorcycle, telecommunications, machinery, banking, property, food-processing and home-living.
Amadeo Perez Jr., president and chairman of Manila Economic and Cultural Office, the Philippines’s representative office in Taiwan, said data from the National Statistical Coordination Board shows that Taiwanese investments amount to P3.14 billion, an increase of 27 percent from 2012.
Jimmy Hsu, a Taiwanese businessman and a distributor of medical products for 80 countries, said the Philippines is an “ideal investment country.” He started his business in May 2013 and finds the country “very appealing.”
“I think Filipino people here are very sensitive to price. I can also feel that the Philippines is ‘getting rich’ as Filipinos are willing to pay more and [they] want to spend. And, now that fast-food [chains] are just around, people are getting more health-conscious that’s why I bring my products here,” Hsu said.
Asked why he prefers investing in the Philippines, he points out three major factors: communication, people and location. He said it is positive that the Philippines is an English-speaking country and finds Filipinos “very nice.” Also, it is convenient for him to travel since, geographically, the two countries are proximal.
In terms of trade, Taiwan is the sixth-largest trading partner of the Philippines. Due to the good economic performance of Taiwan, total trade from January to May 2014 is around $2.29 billion. Last year the total of two-way trade amounted to $12 billion.
Lin, as a representative of Taiwan, congratulates the Philippines and hopes for an everlasting prosperity between the two countries. “As a matter of fact, our two economies are complementary. I wish to extend our heartfelt congratulations on your seven successive quarters of 7-percent economic growth. The buoyant economic success of the Philippines will certainly create more room and opportunities for our ongoing economic cooperation and investment,” Lin added.
K.C. Niña Pusing / Special to the BusinessMirror