Taiwanese Lead New Year Investment Flows Into RP

Manila Times
January 25, 2010

Seven Taiwanese companies pledged to locate at the Suhic Bay Freeport Zone, the Manila Economic and Cultural Office (MECO) said.

MECO said the new Taiwanese investors are medical equipment maker Bidderford Subic Inc., screw- manufacturer Cano Subic Corp., electronics assembler Misung Subic Bay Inc., industrial bolts, nuts and screw-maker Subic Advance Screw Inc. transhipper and warehouser Subic 999 Trading Corp., plastic shopping bag supplier Riçhway Plastics and office stationery maker Tapu Corp.

These seven firms will infuse combined investments of $6 million.

They had signed industrial lease agreements with Subic Bay Development and Management Corp. (SBDMC), the administrator and developer of the 300-hectare Subic Bay Gateway Park.

“This shows the unwavering confidence of Taiwanese investors in the Philippines as a prime investment site, despite stiff competition offered by other Asian countries for Taiwanese producers seeking cheaper labor and land costs,” Antonio Basilio, MECO resident representative and managing director, said.

“With our vigorous marketing strategies and series of investment missions, we expect to attract more Taiwanese investors to locate in our export processing zones like Subic and Clark,” he said.

Jeff Lin, SBDMC president, said the free trade agreement (FTA) between China and the Association of Southeast Asian Nations (Asean), implementation of which started this year, would make Subic more attractive to Taiwanese investors.

Lin said the US-China anti-dumping law would “make it harder for Chinese companies to export directly to the US, and therefore Taiwanese companies will now be encouraged to set up their manufacturing operations in Subic and then export their products to the US.” - By Ben Arnold O. De Vera