Taiwan manufacturing, financial services firms interested in PHL – DTI's Domingo

There is a growing interest by Taiwanese manufacturers and financial services companies to set up businesses in the Philippines in the wake of a recent investment forum in Taipei, the Department of Trade and Industry (DTI) chief said Tuesday.

 

Over 250 participants joined an investment forum in Taiwan last Thursday, Trade Secretary Gregory Domingo told reporters on the sidelines of the 13th CEO Forum and 118th general membership meeting of the Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) in Makati City.

 

He said interests were mostly from companies that manufacture medical supplies, cellphone cases, plastic and metal cases, as well as those engaged in financial services.

 

"We've met some of the biggest financial institutions there. Very interested sila pumasok sa Pilipinas, particularly insurance, banking and real estate development," Domingo said.

 

That was a breath of fresh air compared with how Taiwanese investors received a similar Philippine road show three years ago, the Trade official said.

 

"When we first went to Taiwan, response was lukewarm, they might not know the Philippines. But after three years of promoting, malakas na ang interest level, maraming interested pumasok," Domingo said.

 

"Interest level was so high. I've been going to Taiwan since 2011, and this is the strongest sense of interest from them," he added.

 

A pattern of strong interest to locate in the Philippines is expected to continue, Domingo noted.

 

"Asia is seen to grow faster than the rest of the world, because of its young population. And in the Philippines, we have the youngest population with half of the total 23 years old and below," he added.

 

Last week, the International Monetary Fund said the Philippines is expected to be the youngest nation in Asia in 40 years as the rest of the world ages, a fact that the country should take advantage of in diversifying its manufacturing and services sector. – VS, GMA News