Taiwanese businesses in the electronics manufacturing industry are eyeing major investments in the Philippines, according to the country’s Board of Investment (BOI), which released a statement on Thursday (May 26).

While the BOI did not specify which companies are considering investment, they indicated that there are ongoing talks with at least eight companies. Taiwanese delegations visited Manila on March 6 and May 16 to discuss possible partnerships and investments, reported the Philippine News Agency.

According to the report, Taiwanese businesses involved in the manufacturing of electronics, semiconductors, and industrial machinery are all considering projects in the Philippines.

“These companies are engaged in manufacturing circuit boards, high precision terminals for memory card connectors, and metal parts stamping. Their visit aimed to explore incentives available for the semiconductor industry in the Philippines, assess local market demand, and establish connections with existing IC packaging and testing companies,” said the BOI press release.

In 2022, Taiwan was the 10th largest foreign investor in the Philippines’ economy, with foreign direct investment from Taiwan of more than $21 million, reported PNA.

In related news, the Philippine-based subsidiary of the Taiwanese company Sercomm is set to expand its production facility in Carmelray Industrial Park in Calamba, south of Manila, which will see the creation of 5,000 new jobs, reported Investment Monitor. The company manufactures telecom products and broadband internet equipment.

https://www.taiwannews.com.tw/en/news/4902566

Category: Philippines, Taiwan