High-level trade Philippine officials yesterday pitched investment opportunities to Taiwanese businesspeople at a seminar in Taipei, saying rapid economic growth was one of their nation’s attractive factors.
In a speech at the seminar, Philippine Department of Trade and Industry (DTI) Secretary Gregory Domingo said his country has seen strong economic growth of about 7 percent over the past two years, making it the second-fastest growing Asian economy after China.
He said that Taiwanese businesspeople should take advantage of the Philippines’ rapid economic growth and invest there.
As the ASEAN Economic Community, a regional common market, is set to come into effect next year, the Philippines can serve as a good base for Taiwanese companies to enter the ASEAN market, Domingo said.
“We are the closest neighbor [to Taiwan] in Southeast Asia” and “we have a good workforce,” he said.
Taiwan External Trade Development Council (TAITRA) Chairman Francis Liang (梁國新) said the Philippines presents good opportunities for Taiwanese companies operating overseas.
“Its economic growth is estimated to reach more than 6 percent for 2014,” Liang said.
The Philippines has a large domestic market and can also serve as production base, he said.
TAITRA opened a center in Manila last year to provide assistance to Taiwanese businesspeople who hope to invest there, Liang said.
Meanwhile, DTI Undersecretary Ponciano Manalo Jr outlined some of the incentives that his nation offers investors, alongside its other advantages, which he described as good governance, easy access to the ASEAN market and a strong labor force.
He said investors are 100 percent exempt from corporate income taxes for up to eight years, and when the tax holiday expires, a 5 percent concessional tax rate on gross income takes effect.
Investors in economic zones are allowed duty-free importation of raw materials, capital equipment, machinery and spare parts, Manalo said.
The seminar was held as part of an effort by the Philippines to offer investment opportunities for Taiwanese companies in areas such as information technology services, food and agribusiness, design driven products, manufacturing and infrastructure, Manalo said.
Domingo also led a delegation to attend the Joint Economic Conference that was held in Taipei yesterday to discuss ways of building stronger economic ties between Taiwan and the Philippines.
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