Taiwanese Firms Eye Philippines as Expansion Hub

Taiwanese manufacturers are eyeing the Philippines as site of their expansion projects, Philippine Chamber of Commerce and Industry (PCCI) President George Barcelon said.

At the sidelines of the 25th Metro Manila Business Conference Thursday, Barcelon said a group of manufacturers from Taiwan was set to visit the country on Sept. 28 to look for business opportunities.

The PCCI chief added that the manufacturers were mostly engaged in electronics sector while some others joining the business mission were in agriculture and pharmaceuticals.

“They find the cost of production in China as inching up,” Barcelon said pertaining to the increasing labor cost in the East Asian country.

“And the currency, down the line for the research and development — chances are — will appreciate. Having that in mind, they find the Philippines would be a good hub for them to expand their business,” he noted.

Moreover, Barcelon said that he met a Taiwanese electronic producer, who is a member of Taiwanese counterpart of PCCI, planned to almost double its work force in the Philippines.

The electronic goods manufacturer currently employs 8,000 workers and it hopes to increase its workforce to 15,000 starting next year.

Barcelon said the company is scouting 30 hectares of land in southern Luzon for its future expansion projects in the country.

He said that based on previous investments of the Taiwanese manufacturer, the firm might reinvest some USD30 million, or about PHP1.5 billion for expansion.

Meanwhile, data from Philippine Statistics Authority showed that the country’s major investment promotion agencies approved a total of PHP352 million worth of investments from Taiwanese companies in first quarter of 2017. (Kris M. Crismundo/PNA)