Taiwanese Invest $365M in Eco-Ventures in Philippines
The Philippine Economic Zone Authority (PEZA) has announced that Taiwanese corporations participating in the 2023 Philippine Investment Forum have committed over US$365 million (PHP$20 billion) towards investments in green energy and sustainable ventures.
In collaboration with the Philippine Trade and Investment Center in Taipei, PEZA is enthusiastic about extending a warm welcome to Taiwanese enterprises, fostering partnerships in a wide array of ecozone initiatives, as outlined in their official press release.
This year's forum, a five-day extravaganza, witnessed the presence of 154 influential Taiwanese business leaders who embarked on on-site visits and engaged in constructive business-to-business meetings.
The most substantial investment came from a consortium comprising Japanese and Taiwanese companies, which is poised to channel funds towards the development of environmentally friendly, compostable packaging materials. In this regard, PEZA has proudly secured over US$200 million to drive this endeavour forward.
Another substantial commitment, totalling US$135 million, has been made for a similar initiative aimed at transforming waste paper into eco-conscious packaging solutions. Notably, the same company is also collaborating with a Philippine partner to innovate processes for converting waste into energy, as reported by Philstar Global.
Further investment pledges encompass a US$12 million contribution from a Taiwanese firm specialising in electronic manufacturing services, along with an additional commitment of US$8.6 million to pioneer asbestos-free disc brake systems for bicycles.
Additionally, a prominent Taiwanese metal stamping company has earmarked around US$3 million for various ventures in the Philippines.
PEZA's Director General, Tereso Panga, expressed in the press release that Taiwan stands as one of the foremost contributors to the Philippines' ecozone initiative.
Panga emphasised that these recent investments will serve to deepen the bonds of friendship and economic collaboration between Taiwan and the Philippines, aligning with the Philippines' overarching goal of realising "inclusive and sustainable development."
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Source: Taiwan News