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Taiwanese investors pledge over US$365 million for eco-friendly ventures in Philippines

Major Taiwan businesses expand economic ties with country after 2023 Philippine Investment Forum

Skyline of Manila Harbor. (Pexels, Ferdie Balean photo)

Skyline of Manila Harbor. (Pexels, Ferdie Balean photo)

TAIPEI (Taiwan News) — The Philippine Economic Zone Authority (PEZA) announced on Friday (Nov. 3) that Taiwanese companies participating in the 2023 Philippine Investment Forum pledged over US$365 million (PHP$20 billion) in investments related to green energy and sustainable enterprises.

PEZA, in cooperation with the Philippine Trade and Investment Center in Taipei, is eager to welcome Taiwanese companies to the country to collaborate on various ecozone programs, according to the press release. This year’s forum was a five-day event that included 154 businessmen from prominent Taiwanese companies, who toured sites and engaged in business-to-business meetings.

The largest investment was pledged by a consortium of Japanese and Taiwanese companies and will go towards the development of compostable packaging materials. PEZA announced that over US$200 million has been secured for this enterprise.

Another major investment of US$135 million was made for a similar venture that will focus on recycling waste paper into eco-friendly packaging. The same company is also working with a partner in the Philippines on a process to convert waste into energy, reported Philstar Global.

Other investment pledges included US$12 million by a Taiwanese company involved in electronic manufacturing services, and another company pledged US$8.6 million to develop asbestos-free disc brake systems for bicycles.

A major Taiwanese metal stamping company will also invest around US$3 million into ventures in the Philippines.

PEZA’s Director General Tereso Panga said in the press release that Taiwan is one of the top investors in the country’s ecozone campaign. Panga said that with the newest investments, Taiwan and the Philippines will continue to deepen their friendship and economic ties, as the Philippines strives to achieve “inclusive and sustainable development.”