THE Department of Trade and Industry is seeking closer economic ties with Taiwan, as officials recently embarked on a trip to the island-country to build on areas of possible economic cooperation, as well as to court investor interest.
Trade Secretary Gregory L. Domingo last week visited the Republic of China, upon the invitation of Taiwan’s Ministry of Economic Affairs (MOEA), with Trade Undersecretary Ponciano C. Manalo Jr. to promote the Philippines as an investment destination and Trade Undersecretary Adrian S. Cristobal Jr. to further economic relations.
“I’ve been going to Taiwan since 2011, and the response back then was lukewarm. After promotion of three years, now there’s serious interest,” said Domingo in an interview with reporters at the 13th CEO Forum of the Semiconductor and Electronics Industries in the Philippines (Seipi).
The sectors, said Domingo, include medical supplies, financial services, real-estate development, and firms that may fill the supply chain of large manufacturers here in the Philippines.
Domingo mentioned one firm that supplies intermediate products to various industries and may inaugurate a new plant next year, but stopped short of naming the company. Discussions of fostering closer ties through a joint economic cooperation (JEC) were also brought up, said the trade chief.
The JEC component consisted of extending and increasing people-to-people exchanges and trade.
On a possible free-trade agreement with Taiwan, Domingo said he would like, as much as possible, to respect the One-China Policy approach but still with a view to deepen economic ties.
“We’d like to increase our economic relationship with them, of course, but we’d like to respect our One-China Policy. We’d like to work within those bounds,” Domingo said.
Catherine N. Pillas