PEZA targets addt’l investments from Taiwan
The Philippine Economic Zone Authority (PEZA) is targeting to attract more investments from Taiwan with the bilateral investment agreement and the New Southbound Trade Treaty between the two countries.
In a social media post, PEZA Deputy Director-General Tereso Panga said that the country will benefit from its increased economic cooperation with Taiwan given its “status as the 7th largest economy in Asia and 20th largest in the world.”
The PEZA official added that Taiwan’s strong manufacturing, energy, and information and communications technology sectors can be expanded in the Philippines.
There are currently 112 Taiwanese enterprises registered with PEZA with total investments amounting to PHP32.3 billion (approximately US$635 million) and generating about 40,000 employment for Filipinos.
Panga concluded that the tax incentives under CREATE (Corporate Recovery and Tax Incentives for will help PEZA in targeting strategic and high-tech industries from Taiwan.
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