The 23rd Taiwan-Philippines Joint Economic Conference concluded Dec. 7 in Manila, with public and private sector organizations inking a total of seven pacts on trade and investment.
 
An agreement on bilateral investment was signed by Taipei Economic and Cultural Office in the Philippines Representative Gary Song-huann Lin and Angelito Tan Banayo, head of the Manila Economic and Cultural Office in Taiwan, on behalf of their respective sides. The accord aims to boost two-way investment by strengthening protection mechanisms on both sides.
 
Over the course of the two-day conference, representatives also signed a mutual recognition agreement on industrial product conformity assessments, as well as memorandums of understanding in the areas of insurance and renewable energy. In addition, three accords on industry collaboration were agreed between private organizations from both countries.
 
The Ministry of Economic Affairs said the conference paved the way for future collaboration in sectors such as energy, footwear manufacturing, textiles and water resources management, adding that the two sides agreed to host a joint industry supply chain summit next year.
 
According to the Ministry of Foreign Affairs, Taiwan and the Philippines enjoy strong economic ties, collaborating in industries such as agriculture and tourism, as well as in the realms of culture, education and humanitarian assistance. Statistics from the Bureau of Foreign Trade under the MOEA showed that trade increased 17 percent year-on-year to US$10.86 billion in 2016, making the Southeast Asian nation Taiwan’s 10th largest trading partner. (KWS-E)
 
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