Cathay United Bank (CUB) Manila branch, the Rizal Commercial Banking Corporation (RCBC), and the Philippine Economic Zone Authority (PEZA) have signed an agreement to encourage investment between Taiwan and the Philippines.
Under the partnership, CUB and RCBC will act as investment partners, organizing events like business forums and seminars to help businesses find investment opportunities. Meanwhile, PEZA will assist with choosing locations and building business networks.
According to Benny Miao, a CUB executive vice president, more of the bank’s clients are seeking advice on entering the Philippine market due to the country’s economic reforms and infrastructure development. The latest tariff agreement between the Philippines and the U.S. is also expected to draw more manufacturers to the country.
Taiwanese companies had invested in 277 projects in the Philippines, totaling $2.55 billion by the end of 2024.
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