RP launches new incentive packages for Taiwan investors

MANILA, Philippines - The government has launched new incentive packages for Taiwanese investors, including tax breaks in an attempt to attract more investors especially in the Clark and Subic Freeport zones.

The Manila Economic and Cultural Office (MECO) said the country is looking at attracting more Taiwanese firms to invest in the country as the two nations entered into several major trade and investment agreements.

In a report, MECO said the 16th RP-Taiwan Joint Economic Conference (JEC) was a success. During the meeting, MECO said the government was able to promote further the Clark-Subic economic corridor.

MECO said the new investment incentives package will meet the evolving requirements of Taiwan ’s high-technology companies. Possible investment prospects were information and communication technology, aquaculture, agriculture and the renewable energy sector.

 “The package includes unprecedented incentives for Taiwanese companies, and presented various development opportunities within the Clark and Subic Bay economic corridor,” MECO managing director and resident representative Antonio Basilio said.

 “The package is designed to completely compete with current offerings by the Vietnam government to Taiwanese players. This set of incentives, never before offered to any foreign locator in the Clark-Subic economic corridor, is also designed to fill existing gaps in the Philippines’ electronics and ICT value chain,” Basilio explained further.

Basilio said the plenary session and seminar proper focused on a number of investment opportunities including  high-yield tourism, investing in the Philippine economic corridor, the RP-Taiwan ICT industry collaborative ventures, sectoral investment opportunities, and renewable energy.

Meanwhile, Subic Bay Metropolitan Authority (SBMA) administrator Armand Arreza presented the Master Plan of Development in the Subic Bay Free Port while Benigno Ricafort, president of Clark Development Corp. (CDC) delved on the Master Plan of Development in the Clark freeport.