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SBMA sparks interest of Taiwanese investors.

The Subic Bay Metropolitan Authority (SBMA) is reaching out to more prospective investors from Taiwan following successful talks with business leaders in the recent Philippine Investment Forum held in Taipei.

SBMA Chairman and Administrator Wilma T. Eisma, who presented investment and business opportunities in the Subic Bay Freeport during the forum, said more Taiwan-based companies are now setting their sights on Subic, including two manufacturers that had so far committed a total of $9 million in investments right after the business meetings.

Eisma identified the two as FTI Holdings Group (Milagros International Inc.), which plans to invest $6 million in Subic and hire 600 workers within the year, and Grey Matter Industries Group, which had committed to invest $3 million and hire 200 workers.

Eisma said FTI designs, manufactures and sells luggage, fashion handbags and backpacks, apparel and apparel accessories, outdoor products and pet products, and accessories sold in the United States.

She said the firm's chief auditor, Paul Lee, came over to Subic on April 30, or just four days after meeting SBMA officials in Taiwan, and inspected a prospective factory site in Subic's Tipo area. Lee is expected to come back with other company officials next month to finalize the new business venture here.

Eisma said Grey Matter Industries is a company engaged in the manufacture of PET bottles, plastic films and other plastic products, and has already sent the SBMA a letter of intent on April 29.

SBMA Senior Deputy Administrator for Business Renato W. Lee III said more than 250 Taiwanese investors attended the April 24 to 26 Taipei trade road show organized by the Philippine Investment Promotion Plan (PIPP) in coordination with the Philippine Trade and Investment Center (PTIC) in Taipei.

He said the Philippine delegation showcased investment and business opportunities for Taiwanese industry players who are repositioning their strategy in light of the recent global trade and economic developments and conflicts among major global markets.

Eisma said six other Taiwanese firms expressed interest to locate in the Subic Bay Freeport. SBMA is now in touch with them to firm up investment plans here.

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Publication:Business Mirror (Makati City, Philippines)
Geographic Code:9TAIW
Date:May 10, 2019
Words:395
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