TAIPEI — The Philippine Trade and Investment Center (PTIC) said it is seeking to connect more Taiwan businesses with potential Philippine partners for potential manufacturing, electronics, semiconductors, and agriculture ventures next year.
“The objective is that we would be able to contribute to the manufacturing resurgence of the Philippines,” Anthony B. Rivera, PTIC-Taipei Director for Commercial Affairs told BusinessWorld on the sidelines of the Healthcare+ Expo trade show in Taipei.
“We see a lot of opportunities and collaboration in terms of industry development,” Mr. Rivera said.
“Taiwan is technologically advanced, and it is willing to share (know-how in) industry-specific areas,” he added.
The Philippines obtained $71 million worth of investment deals in the first nine months from Taiwan, up sharply from $21.18 million a year earlier.
Mr. Rivera said investments valued at $22 million have since materialized, involving manufacturing, wholesale and retail, electricity, gas, and air conditioning, financial and insurance activities, professional, scientific and technical activities, and real estate.
Taiwan was the source of the second-largest investment commitments in the third quarter at P3.63 billion, the Philippine Statistics Authority reported.
Mr. Rivera said collaborating with the Philippines can help Taiwan mitigate its labor shortages.
Taiwan companies in the industrial and service sectors reported about 216,000 job vacancies earlier this year, according to a survey conducted by the Taiwan Directorate-General of Budget, Accounting and Statistics.
“We are prioritizing in 2024 for Taiwan (to become) a source of sustainable export driven trade and investments anchored on ESGs (environmental, social, and governance factors) and green manufacturing,” Mr. Rivera said. — Beatriz Marie D. Cruz
