RP expects $121-million fresh investments from Taiwan

MANILA, Philippines - The country expects to get $121 million in fresh investments from Taiwan in the manufacturing and construction, agri-business, and energy sectors, the Manila Economic and Cultural Office (MECO) in Taipei said.

MECO resident representative Antonio I. Basilio said the prospective areas of new Taiwanese investment range from the micro sector including food cooperatives, to the country’s freeport and special economic zones.

Specifically, Basilio noted that Clark and Subic are eyeing $24 million worth of investments in the fields of aluminum coil, piping, and stainless steel and light manufacturing.

Taiwanese businessmen are also looking at prospective ventures in antibiotic capsules and electric blankets manufacture and in construction projects to further build up facilities in Clark and Subic.

In addition to this, MECO is looking at obtaining $97 million worth of investments leads for Northern Mindanao’s growing bio-fuel, solar and wind energy, mari-culture, food processing, auto parts manufacturing, leather production and steel manufacturing sectors.

In line with this, a Taipei Investments Summit is being organized by MECO. The event will be attended by representatives of the Cagayan Electric Power and Light Co., the Philippines Congressional Commission on Science and Technology and Engineering and the Taiwan External Trade Council.

“Our trade and investment team will also be heading a Visayas Trade and Investment Mission to Taiwan from Nov. 2 to 7,” Basilio said, while an investment mission to Mindanao, specifically to General Santos and Sarangani, will also be conducted in early December.

MECO’s extension offices in Taichung and Kaohsiung also launched missions to attract Taiwanese investments.

The Taichung team, based in central Taiwan, facilitated fact-finding trips of Long Dianne Biotechnology to Palawan for the possible cultivation of red grouper, and Hwa Neng Biotechnology which is exploring the possibility of investing in nurseries for Jatropha curcas – a plant believed to be a significant source of renewable fuel – and castor bean plants.

MECO Kaohsiung also facilitated fact-finding trips of various research institutes and industry associations to the Philippines including the Asian Vegetable Research and Development Center, Fengshan Tropical Horticulture Station, Pingtung Fish Breeding Association, Tainan Orchid Plantation and a number of aquaculture companies.