Taipei, Sept. 9 (CNA) Taiwanese businesses are mulling moving manufacturing operations from China amid the intensifying trade war between the Washington and Beijing, with those in the textile, electronics and bicycle industries most likely to relocate operations, according to the latest survey released by the Ministry of Economic Affairs (MOEA).
The U.S. imposed a 25 percent tariff on up to US$50 billion of Chinese goods in July and is threatening tariffs on an additional US$200 billion.
Taiwanese firms are establishing a new industrial estate in Clark Freeport as their economic zone in Subic has already run out of space with more Taiwanese companies investing in the country.
Michael P. Y. Hsu, Taipei Economic and Cultural Office representative to Manila, told Manila Bulletin Business at the launch of the Yulon Finance Philippines Corp. that Taiwanese investors are still looking for location in Clark although some investors have already sited their factories in Cavite.
“We expect more Taiwanese firms to invest in the Philippines this year,” said Hsu noting that Taiwan investments in 2017 reached more than P10.83 billion.
Hsu said Taiwanese businessmen prefer Clark because there is no traffic and is conveniently situated.
“Actually we have to trace back to 1990s when we started encouraging Taiwanese firms to come to invest inside the Subic Bay Industrial Park, which was developed by Taiwanese firms. Now, we have more than 40 factories in their but the land is no longer enough so we’re trying to look in Clark,” he said.
THE Philippines improved its sustainable trade ranking by three notches to land on 10th among 19 economies in the Asia Pacific (Aspac), according to an international study.
The Philippines placed 10th this year from 13th in 2016 in the latest cycle of the Hinrich Foundation Sustainable Trade Index. Although its economic performance declined by six notches in the survey, its social index went up to 11th from 19th, while its environmental pillar remained stable at sixth.
“The Philippine had the second-lowest levels of air pollution on the 2018 index, outscored only by Sri Lanka. Air pollution is measured by levels of particular matter 2.5 in a country,” the report read in citing the country’s top performance.
There is certainly the business side to the adage that health is wealth. Thus, the trade that comes in light of showcasing globally competitive expertise in the medical field can simply translate to good money benefiting the parties involved.
That is for sure offered on the table during this year’s Taiwan Healthcare Industry Trade Meeting hosted by the Philippines last August 6.
The gathering allowed topnotch Taiwanese companies to share to entrepreneurs and medical experts their valuable experience and research that led to the current lofty status of Taiwan healthcare and medical services, including technologies related to cancer treatment and genetic testing.
“The floor was opened for medical consolations among attendants,” stated representatives from Taiwan External
Trade Development Council (TAITRA) which was behind the crucial efforts in bringing the event to the Philippines.
ABOUT PTIC TAIPEI
The Philippine Trade & Investment Center in Taipei is the Commercial Affairs Section of the Manila Economic and Cultural Office and the representative office of the Philippine Department of Trade & Industry in Taiwan