East Asia investors eye RE projects in Philippines

MANILA, Philippines — The Philippines is seeing interest from investors in Taiwan, Japan and South Korea, particularly for renewable energy (RE) projects, according to the head of the Board of Investments (BOI).

“We see very strong interest coming from Japan, South Korea, and Taiwan in further investing in the Philippines. As the world is shifting to green solutions and finding more sustainable sources of energy, these economies see the Philippines as the best location to host their renewable energy projects,” Trade Undersecretary and BOI managing head Ceferino Rodolfo said as the BOI recently welcomed a business delegation from Taiwan.

“We are near the equator which is ideal for solar projects; our many islands are the perfect destination for offshore wind and tidal energy projects. We also have an abundance of green minerals such as nickel, cobalt, and copper, which are key to going into cleaner energy applications such as renewable energy, electric vehicles, and battery technologies,”Rodolfo said.

He also reported that the Philippines is now part of the Regional Comprehensive Economic Partnership, which eases market access among member countries.

The BOI and the Philippine Trade and Investment Center (PTIC) and the Manila Economic and Cultural Office (MECO) in Taipei, represented by investment officer Terry Lin, recently organized an investment briefing for the delegation at the BOI head office in Makati.

Headed by Best Chang, General Manager of Sky Movement Logistics Inc., the business delegation was comprised of representatives from 10 Taiwanese companies interested in growing their businesses in manufacturing (screws, aluminum extrusion products, steel products, general machinery, and maintenance services, centrifugal fans, axial fans, centrifugal blowers, hardware fittings, brake pads, brake shoes, paper container products, etc.), trading, and logistics sectors.

Rodolfo warmly received the delegation, thanking them for finally visiting the Philippines to see firsthand what the country could offer for the growth and expansion of their business.

“The Philippines has much to offer to Taiwanese companies,” Rodolfo said.

“The Philippine economy has shown strong growth momentum, evident in our improved economic performance in 2022. Moreover, we are home to a highly skilled and innovation-ready workforce who can successfully and efficiently drive your company’s operations. The Philippine government also continues to improve its business climate through game-changing laws, such as CREATE Act, to make it easier to do business in the country,”he said.

BOI-Investment Promotion Services executive director Evariste Cagatan shared the recent issuance of Executive Order 18, which provides green lanes for strategic investments, expediting and streamlining the processes and requirements for issuing business permits and licenses, and addressing investor issues and concerns.

For her part, BOI-Industry Development Services Executive Director Corazon Halili-Dichosa highlighted the Philippines’ value proposition in selected sectors of strategic interest to Taiwanese firms, such as electronics, integrated circuit design, iron and steel, and logistics services.

PTIC Taipei director Anthony Rivera hopes to invite more investors from Taiwan as part of their drive to encourage science technology and innovation driven manufacturing into the country.

Moreover, DTI Assistant Secretary Peñaranda assured the Taiwanese delegation that the DTI and BOI, together with MECO in Taipei, will be ready to guide and assist them to venture and thrive in vast areas of economic pursuits.

Taiwan ranks as the Philippines 10th investment partner with total approved investments of P2.12 billion in the last two years.

Taiwanese companies who have already established their footprint in the Philippines include the EMS company, New Kinpo Group and its subsidiary Acbel Polytech Philippines Inc., which develops, manufactures, and sells power management solutions; Sercomm Philippines Corp. engaged in the manufacturing/assembly of internet accessories, parts, and equipment and now setting up an R&D center; Medtecs International Corp. Ltd., an original product manufacturer of a wide range of medical consumables, and hospital and work wear apparels; and TECO, that does motors manufacturing, among others.