BOI, BCDA showcase New Clark City to Taiwanese investors

MANILA, Philippines — The government is encouraging Taiwanese firms to consider business opportunities in New Clark City (NCC).

The Board of Investments (BOI), in a statement yesterday, said it joined a virtual seminar organized by the Bases Conversion and Development Authority (BCDA) with the Taipei Economic and Cultural Office to showcase the NCC and Clark as major  investment destinations for Taiwanese businesses.

With a land size of 9,450 hectares, New Clark City, located in Capas, Tarlac, is the country’s first smart, green and resilient metropolis.

Its population is projected to reach approximately 1.2 million and over 600,000 expected workers.

During the event, BCDA executive vice president Aileen Zosa presented some of the investment opportunities in NCC, such as the common information communications technology corridor project, data center co-location facility, solid waste management, waste-to-energy project, and research and knowledge-based pharmaceutical and medical facilities, among others.

BOI managing head and Trade Undersecretary Ceferino Rodolfo, meanwhile, encouraged Taiwanese firms to develop and process nickel, copper and cobalt ore in the country, which is rich in these minerals, to complete the value chain needed for electric vehicles.

“We invite Taiwanese companies so that we can process nickel, cobalt, and copper,” he said, noting the Philippines is now the world’s top exporter of nickel.

He discussed the country’s economic performance last year and recent policy reforms to attract investments in the country, including the Corporate Recovery and Tax Incentives for Enterprises Act, which offers a wide-ranging menu of incentives to foreign investors.

He also highlighted amendments to the Retail Trade Liberalization Act passed into law, as well as proposed amendments to the Public Service Act and the Foreign Investments Act (FIA).

With the FIA amendments, startup firms, particularly those engaged in the advanced technology sector, can set up its operations in the Philippines with a capital requirement of only $100,000 and 15 local workers.

“In the Philippines, even during the pandemic, we strive hard to make sure that the business export manufacturing services remain in operation and some have even expanded,” Rodolfo said.

Officials of Taiwanese firms operating inside the Clark Freeport Zone, such as BB International Leisure and Resort Development Corp., Multi-Tek Fasteners Inc., and Best Element Industrial Ltd. Inc., cited the advantages of investing in the area and in NCC, including its strategic location, road networks, fast processing of permits, as well resilience to disasters.

As of December last year, 15 Taiwanese companies are located in NCC, with investments amounting to $213.54 million, generating 4,933 jobs.