More Taiwanese investors flock to Subic
With China-ASEAN free trade area
More Taiwanese firms are locating in Subic Bay Freeport in light of the implementation of the China-Asean free trade agreement as they use the freeport as staging ground for their exports.
Manila Economic and Cultural Office Managing Director Antonio I. Basilio revealed that 14 firms, 7 of which are Taiwanese, have signed lease agreements with Subic Bay Development and Management Co. (SBDMC) to establish their businesses in the Freeport.
These firms are engaged in manufacturing, trading and warehousing and transshipment with combined investments of $8.9 million.
“This shows the unwavering Taiwanese investor confidence in the Philippines as a prime investment site despite stiff competition offered by other Asian countries for Taiwanese producers seeking cheaper land and labor costs,” Basilio said.
According to Basilio, Taiwanese investor confidence has grown, given the positive experiences of Taiwanese companies successfully operating in the Philippines ' special export processing zones.
Jeff Lin, president of the Taiwanese-owned SBDMC predicted more business for locators in the Philippines with the start this year of China's free trade pact with the Asean.
SBDMC, Inc. is the developer and administrator of the 300-hectare Subic Bay Gateway Park (SBGP) that is located in the Subic Bay Freeport Zone, where internationally renowned companies such as Wistron Infocom, Hitachi, Tonglung, Sanyo Denki, Taian Electric, have been successfully operating since Subic began operations. By BERNIE CAHILES-MAGKILAT - mb.com.ph