THE Department of Trade and Industry (DTI) said Taiwan financial services group CTBC Holding Co., Ltd. has expressed interest in expanding in the Philippines.
In a social media post, the DTI said the Philippine Trade and Investment Center (PTIC) in Taipei met with CTBC executives earlier this month to explore opportunities “to further strengthen trade and investment relations between the Philippines and Taiwan.”
“The meeting highlighted shared commitment in deepening economic cooperation, with CTBC expressing keen interest in expanding its presence in the Philippines,” the DTI said.
“The company reiterated its support for inclusive financial solutions tailored to the needs of micro, small, and medium enterprises (MSMEs) as well as large corporations,” it added.
The DTI said CTBC views the Philippines as an attractive destination for “long-term strategic investments” due to its robust economic outlook and enabling policy environment.
“The PTIC continues to facilitate strategic engagements that open new opportunities for collaboration between Philippine and Taiwanese businesses, aligned with the DTI’s goal of promoting the country as a conducive environment for doing business,” the DTI added.
Earlier this month, the Philippine Economic Zone Authority (PEZA) said that it expects Taiwan, along with China and Hong Kong, to be the country’s top sources of foreign direct investments this year and in the next few years.
PEZA Director General Tereso O. Panga said manufacturers in greater China, which hope to export to the US and the European Union (EU), now see the Philippines as the new ‘plus one’ destination.
In April, US President Donald J. Trump imposed reciprocal tariffs on most trading partners, with Philippine goods assigned the second-lowest rate in Southeast Asia of 17%.
The US has put the higher reciprocal tariffs on hold until July 8, pending the outcome of negotiations with the various trade delegations visiting Washington.
The Philippines also participates in the EU’s Generalised Scheme of Preferences Plus, which allows for over 6,000 Philippine-made products to enter the EU with zero duty. — Justine Irish D. Tabile