Taiwanese firms vowed to increase their investments in the country this year after infusing $782.3 million in 2007.
Manila Economic and Cultural Office (MECO) managing director and resident representative Antonio Basilio said that Taiwanese firms committed to increase their investments this year.
For 2007 alone, Basilio said Taiwan-based companies were involved in 17 local projects.
“These investments further boost our economy and help generate more jobs locally,” Basilio said.
Basilio also said the Taiwanese firms are planning to hire more workers to match their expansion plans.
In 2007, one of the biggest Taiwanese locators was Mega-Tsung Mining Corp. in Paracale, Camarines Norte. It invested an estimated $6 million and hired 300 to 500 workers.
The mining firm plans to increase the investment to $12 million in three years time.
Another Taiwanese firm, Multi-Tek Fasteners & Parts Manufacturer Corp. located at the Clark Free Port Zone made an initial investment of $5 million.
“Within five years, Multi-Tek Fasteners & Parts Manufacturer Corp. will invest a total of $30 million and require a labor pool of 800 to 1,000 workers,” said Basilio.
Another firm which invested $5 million initially is the Fwu Kuang Enterprises Co., Ltd also located at the Clark Free Port Zone.
“FKE is a manufacturer of socket head cap screws. It plans to expand and increase its investments to $10 million in three years time,” Basilio noted.
Tong Lung Metal Industry Corp. in Subic Bay Freeport expanded its manufacturing plant in the Freeport and placed an additional $12 million.
Formosa Heavy Industries (FHI) located in Toledo, Cebu will invest $700 million in two power projects under a joint venture agreement with Global Business Power Corp.
Taiwan Resibon Abrasive Products Co., Ltd., an abrasive tools manufacturing, expanded its Subic facility with fresh investments of $2 million for “Tailin” brand abrasive products.
Other Taiwanese investors are Eva Care Group, a wholly owned subsidiary of the Evergreen International Group.; RayShine Photonics Co.; Medtecs International Corp. Ltd.; South Forest Co., Ltd.; Gou Chang Co., Ltd.; Taiwan Active Carbon Industry Co., Ltd.; Taifish Aqua Inc.; E-Dracond Co., Ltd.; New Emperor Penguin Enterprise Co. Ltd.; and Yang Shing Printing Co., Ltd.