The Philippines has signaled its willingness to revise its bilateral investment agreement with Taiwan. The news comes as the government seeks to pursue investment talks with countries in Southeast Asia under the New Southbound policy.
Deputy economics minister Yang Wei-fu was in the Philippines on Friday attending a trade meeting. He said a minister-level meeting would take place in Taipei later this year and that a breakthrough in talks can hopefully be expected by the end of the year.
The news will be welcome for Taiwanese businesses which have been reluctant to pursue opportunities in the Philippines with the future of current investment protections uncertain.
Yang also said he hoped a breakthrough in investment talks with the Philippines would encourage other countries targeted by the New Southbound policy to pursue similar talks with Taiwan.
The New Southbound policy is the government’s drive to improve Taiwan’s trade and cultural ties with countries in Southeast Asia and South Asia, as well as Australia and New Zealand.