Trade Undersecretary and concurrent Board of Investments (BOI) managing head Elmer C. Hernandez recently visited Taipei, Taiwan from June 4 to 7 where he met with Dr. Hou Ho-Shong, Taiwan’s vice minister of economic affairs.
Dr. Hou is the chief policy maker in multiple areas including water resource management, energy production and industry, mining and natural resource management, geological science and survey, and state-owned enterprise administration and organization.
During their meeting, Hernandez reported, Dr. Hou conveyed Taiwan’s interest in sourcing their aggregate requirements of gravel and sand from the Philippines.
Specifically, Hernandez said, Taiwan requires about 22 to 25 million metric tons per year from the Philippines.
At an estimated value of about $10 CNF, the Philippines could stand to earn anywhere from $220 million to $250 million a year from the export of gravel and sand to Taiwan for their construction needs.
Taiwan reportedly wants a supply contract from 10 to 15 years.
According to Hernandez, he had previously spoken with the Governors of Zambales, Aurora and Cagayan about the possibility of supplying Taiwan.
Dr. Hou, Hernandez said, may visit the country next month to conduct a due diligence on the matter.
Aside from the meeting with Dr. Hou, Hernandez also participated in an investment promotion seminar where a number of Taiwanese investors expressed interest in the fields of energy, shipping, mining, herbal medicine, aquaculture, fishing, information and communications technology (ICT) and electronics, water supply and research and development.