Taiwan’s investments in Philippines double, says MECO

TAIPEI: Investments infused by Taiwanese investors into the Philippines this year more than doubled compared to last year, according to the Manila Economic and Cultural Office (MECO).

Dita Angara-Mathay, MECO’s director of commercial affairs, told reporters on Monday that investments from Taiwan-based firms this year have reached $113 million, up from $45.7 million last year.

Mathay said that they were targeting investments from Taiwan to double next year, especially as big-ticket power-generation projects would be coming in, as well as potential investment in shoe manufacturing.

Looking ahead

In 2010, MECO will be focusing on cornering investments in three industries—agriculture, aquaculture and information and communication technology (ICT).

“Instead of general trade activities, we will have focused programs and we would initially focus on those sectors,” Mathay said.

She added that they would aggressively market animal husbandry; blooms or flowers; organic fruits and vegetables; and fish such as coral groupers (lapu-lapu) and sea bass.

MECO will also target investments in higher value-added processes and cheap designs, Mathay said. “The Philippines is good in design testing and development,” she added.

Major investments

Mathay said that among big-ticket investments infused by Taiwanese investors this year are: China Bond International Co.’s $5-million iron ore mining project in Aparri, Cagayan; Empyrean Acoustics Enterprise Co. Ltd.’s $1-million investment on a global positioning system (GPS) device production facility; and Golden Farm Co. Ltd.’s $1-million organic asparagus farm plantation in Batangas.

Also, according to her, Ancku Taichung Corp. will be putting up a $60-million electric arc furnace in Mabini, Batangas. And if conditions are favorable, the company might invest in a blast furnace facility worth $100 million, she said.

Mathay added that Teco Electric and Machinery Co. Ltd., a Taiwanese information technology (IT) provider, has joined a consortium that would produce the Social Security System’s (SSS) unified multipurpose identification (ID) card. The company would be infusing $40 million, mostly into equity and technology provision, she said. –BEN ARNOLD O. DE VERA REPORTER, Manila Times