The latest MOEA Bureau of Foreign Trade figures show total trade volume between the two countries rising from US$6.05 billion in 2009 to US$11.97 billion in 2013.
This result made the Philippines Taiwan’s 11th largest trading partner and seventh largest export destination. To capitalize on the trend, Taiwan External Trade Development Council (TAITRA) set up its first trade center in the Southeast Asian nation last year.
“Bolstered by its rapidly increasing population, which just topped 100 million this month, the Philippines market has shown strong demand for Taiwan’s building products, such as aluminum window frames, light fixtures and office furniture,” TAITRA’s Manila branch head Harrison Lan said.
“Demand for information and communications products is also rising in line with incomes,” he added, identifying USB flash drives as a product with considerable market opportunities in the Philippines.
According to Lan, investment by Taiwan firms spans a broad spectrum of areas in the Philippines. Leaders include President Chain Store Corp., operator the 7-Eleven franchise in Taiwan, restaurant group Wowprime and award-winning dumpling house Din Tai Fung Restaurant Inc. All are expected to establish presences in the country.
“We expect Taiwan businesses to scale up local operations by tapping into expanding market demand, especially in the areas of daily necessities and infrastructure construction.”
On the inbound labor front, Taiwan continues attracting workers from the Philippines despite last year’s fatal attack on Taiwan fishing boat Guang Da Xing No. 28 by Philippines coast guard personnel.
According to the Ministry of Labor, the number of Filipino guest workers in Taiwan reached 100,203 by the end of June, growing 60 percent year on year and nearly doubling that from a decade ago.
“With their English proficiency, these workers make up an integral part of Taiwan’s electronics manufacturing workforce,” the MOL said. (YHC-JSM)
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