TAIPEI (Taiwan News) – Eight Taiwanese companies are preparing to make business investments in the Subic Bay Freeport zone of the Philippines in line with the Southbound Policy of the Tsai Administration.
According to local reports, Taiwanese firms will investment over NT$280 million (US$9 million) dollars to develop manufacturing bases around Subic Bay, which are hoped to create as many as 13,000 local jobs in the area.
The Manila Bulletin reports that some of the investment agreements were signed at the recent 2019 Philippine Business Forum held last month in Taipei, when the Subic Bay Metropolitan Authority (SBMA) Chairwoman, Wilma Eisma, made a visit to Taiwan to meet with investors.
The companies are already scouting for real estate, and some are planning to have business operations underway before the end of the year.
The largest investor is reportedly the FTI Holdings Group, which will invest NT$188 million (US$6 million) in Subic Bay, and plans to hire 600 workers. The FTI group will manufacture bags, backpacks, luggage, and other apparel items at their factory in the Philippines.
Other firms preparing to establish operations in the area are the Grey Matter Industries Group, which will produce PET bottles and other plastic products, and the Catcher Technology Company, which will manufacture computer components.
The Rong Shin Industrial Company is planning to hire between 500 and 800 employees to manufacture lawn and garden tools and related products, reports Manila Bulletin.