The Philippine Chamber of Commerce and Industry (PCCI), the largest business organization in the country, has urged Taiwan to invest more in the Philippines, stressing the country has not benefitted from its “New Southbound Policy”.
PCCI President Benedicto V. Yujuico raised this topic during a recent meeting with Taiwan Ambassador Michael Peiyung Hsu. Yujuico noted that only 3 percent of Taiwan’s outbound investments have been directed to the Philippines as Taiwanese investors prefer locating in Vietnam and Indonesia.
Aside from investments, Yujuico also called Taiwan’s attention on the balance of trade between the two countries, which is heavily tilting in favor of Taiwan. As such, the PCCI leader has urged the ambassador to improve the balance of trade between the Philippines and Taiwan.
In 2019, Philippines imports from Taiwan reached $4.7 billion while exports were valued at less than half of imports or $2.2 billion only. Philippine exports to Taiwan consist mainly of semiconductor and electronic products, chemicals, machinery and transport equipment and other manufactures.