Taipei, Taiwan—The Department of Trade and Industry (DTI) led a strategic push to attract investments in renewable energy and business expansions in economic zones during the Philippine Investment Forum (PIF) held on 22 October 2024.

Collaborating with the Manila Economic and Cultural Office (MECO), the Philippine Economic Zone Authority (PEZA), and the Philippine Trade and Investment Center (PTIC) in Taipei, the DTI presented compelling opportunities, positioning the Philippines as the next premier investment destination for Taiwanese businesses.

The event gathered key stakeholders, including MECO Chairperson Cheloy V. Garafil, PEZA Director General Tereso O. Panga, and PTIC Trade Representative to Taiwan, Anthony B. Rivera, alongside prominent industrial park developers from the Philippines.

A key highlight of the forum was the launch of PTIC Taipei’s business matching program, fostering in-depth, one-on-one dialogues between Taipei-based business leaders and Philippine industrial park representatives. Participants included Aboitiz InfraCapital, First Philippine Industrial Park, Philtai Industrial Park, and Science Park of the Philippines—all ready to engage with Taiwanese investors seeking new growth markets.

The forum aligned with the Philippines’ Luzon Economic Corridor (LEC) initiative and other economic reforms, such as Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE), aimed at simplifying tax and fiscal incentives. The Philippines also emphasized its long-term energy development goals, underscoring the nation’s commitment to sustainable growth and renewable energy investments.

In her welcome remarks, MECO Chairperson Garafil said the Philippine economy is expected to grow by 6.5% to 8% until 2028. She said that she looks forward to sustaining this momentum of collaboration with Taiwan.

Meanwhile, PEZA Director Panga said Taiwan has been an integral partner in the Philippines’ path toward sustained economic growth. “As part of Taiwan’s New Southbound policy, our country has been positioned as a strategic gateway for Taiwan into the ASEAN region. Over the years, with both our countries signing a bilateral investment agreement, this has led to stronger cooperation in various sectors, including trade, investment, tourism, technology, agriculture, and education,” Director Panga said.

Rivera, who is also Director for Commercial Affairs, pointed out that the forum “serves as an important platform for strategic discussions not just to update the Taiwan market on the recent developments but to further support the direction of Taiwan companies to the Philippines including the development of Taiwan manufacturing in Philippine Industrial Parks and the collaboration on talent cultivation to support the growing needs of Taiwan companies for top grade technical skills and talents, essentially to generate more jobs.” ♦

Date of release: 29 October 2024

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