The Philippine Chamber of Commerce and Industry (PCCI) has urged the Taiwanese government to improve the trade in the Philippines since this has not benefitted from Taiwan's “New Southbound Policy.”
In a recent meeting with Taiwan Ambassador Michael Peiyung Hsu, PCCI President Benedicto V. Yujuico has raised the idea of investing more in the Philippines to balance the trade between Philippines and Taiwan.
According to Yujuico, only 3 percent of Taiwan’s outbound investments have went to the Philippines because Taiwanese investors often opt to locate in Vietnam and Indonesia.
He also specifically voiced out to reconsider and reallow the entry of Philippine fresh fruits ,such as coconuts and mangoes, in the country after being halted due to kadang-kadang infestation.
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.
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