$1-B investments eyed under ‘Taiwan plan’

The government has drawn up a "Taiwan Plan" for trade and investment, tourism, labor and other services in an effort to attract some $1-billion worth of fresh capital from Taiwan over the next three years, Manila Economic and Cultural Office (MECO) chairman and chief executive officer Antonio Basilio said yesterday.

The MECO, which serves as the Philippines’ informal diplomatic embassy to Taiwan, is planning to attract Taiwanese funds into the following sectors: petrochemicals, leather goods and accessories, aquaculture, garment accessories, processed tropical fruits, and fabricated metal components.

In line with this, MECO will conduct investment seminars in June and August; stage investment missions; one-on-one briefings and networking with industry associations; and set up special teams for Taiwanese investments.

According to Basilio, there are at least eight prospective Taiwanese investors who could bring in P250-million worth of capital into the country.

Among them, Basilio said the biggest was Ritek Corp. which is expected to bring in around P150-million worth of capital. Ritek Corp. is engaged in storage media.

"Taiwanese investments in the Philippines accounted for only nine percent of its total investments for the whole of the Asean region," Basilio said.

"Taiwan invests around $200 million annually in the Asean, which is only a fraction of what Taiwan invests in China which amounts to around $2 billion annually," he added.

Taiwan is very much interested in the Philippines as an alternative to China since Taiwan reportedly does not want to keep all of its eggs in one basket, Basilio said.

Taiwanese firms operating in the country include Chinatrust which has investments in banking; Uni-President which is engaged in instant noodle production; Taiwan Kolin Co. which produces air-conditioners; and Fu Burg Industrial Co. which produces disposable diapers.