TAIWAN'S Ministry of Economic Affairs is proposing to build an industrial park in the Philippines to expand the presence of small and medium enterprises (SMEs) in Southeast Asia, the Philippine Economic Zone Authority (PEZA) announced on Friday. The plan was discussed in a Jan. 16 meeting at the PEZA office in Pasay, attended by PEZA officials and a Taiwanese delegation led by International Trade Administration Director General Cynthia Kiang. 'As part of Taiwan's new economic agenda, the initiative aims to deploy SMEs in Southeast Asian countries, particularly in industries specializing in energy and power supply, to strengthen economic cooperation and foster industrial growth,' PEZA said in a statement. PEZA Deputy Director General for Policy and Planning Anidelle Joy Alguso presented an overview of investment prospects in PEZA-registered ecozones. Ongoing efforts to draw Taiwanese investments in electronics, semiconductors, pharmaceuticals and emerging sectors such as knowledge, innovation, science and technology were discussed in the meeting. For her part, Kiang expressed Taiwan's commitment to strengthening economic ties with the Philippines, citing the proposed industrial park as a key project. As of September 2024, PEZA has been hosting 83 Taiwanese-registered companies and projects, with P19 billion in investments and 26,000 direct jobs. In October 2024, PEZA Director General Tereso Panga said Taiwan's Plus One Strategy and New Southbound Policy — which aim to reduce economic risks and supply chain problems by advising Taiwanese companies to incorporate an additional country, focusing on Southeast Asia, India, among others — makes the Philippines a viable investment destination and alternative for Taiwanese companies establishing domestic and manufacturing sites. PEZA said it wants to invite strategic and high-tech industries from Taiwan for ecozone product sophistication, export diversification, labor-intensive and high-skilled jobs, knowledge transfer, enhanced local supply chain and creation of industry clusters.
