TAIPEI (Taiwan News) — Taiwan has become the Philippines’ eighth-largest foreign investor as both countries plan deeper cooperation in high-tech and green industries, CNA reported Monday.

Philippine Economic Zone Authority Director-General Tereso O. Panga recently spoke to CNA. He said Taiwan has invested over US$593 million (NT$19.3 billion) in 431 economic zones in the Philippines, creating 28,000 jobs and US$872 million (NT$28.3 billion) in exports.

Panga said Taiwan’s manufacturers incentivize the local economy. He added that the Philippines looks forward to working with more Taiwanese companies.

The Philippines’ sustainable growth plans match Taiwan’s industrial goals, PEZA's director-general said. He explained that the country’s strategic position, English-speaking workforce, and affordable labor make it ideal for Taiwan’s expanding tech and green industries.

Panga noted that Taiwan wants to reduce tariff exposure because of the US-China trade war. He said some Taiwanese companies that are trying to diversify their supply chains are actively expanding into Southeast Asia.

PEZA is a government agency under the Department of Trade and Industry. It promotes investments and manages special economic zones across the Philippines.

PEZA recently approved 13 new Taiwan projects worth over 3.3 billion pesos (NT$1.7 billion) in the first nine months of this year. The projects are expected to create 2,100 jobs and nearly US$300 million in exports.