Taiwan and the Philippines share close economic and trade relations. Trade between both sides has stepped up since the Taiwan government launched the “New Southbound Policy” in 2016. The Taiwan-Philippines partnership has also been further enhanced by the signing of the updated BIA in 2017.
In 2019, bilateral trade between the Philippines and Taiwan totaled $8.25 billion USD, making the Philippines Taiwan’s 14th largest trading partner. Taiwan’s exports to the Philippines amounted to $6.1 billion USD, making the Philippines Taiwan’s 10th largest export market. Taiwan’s imports from the Philippines were $2.1 billion USD, making the Philippines Taiwan’s 21th largest source of imports. In terms of the size of exports and imports, integrated circuit, petroleum product, and electronic component are by far the most traded commodities between both sides.
Over the past years Taiwan has consistently been a major source of foreign direct investment in the Philippines. In 2019, Taiwan was the Philippines' 10th largest source of foreign investment, with total investments reaching US$54 million. Main sectors of investment include electronics and machinery.
Taiwan has a good foundation for developments in the fields of information electronics, semiconductors, machinery and solar energy. The government is actively promoting the innovative industrial policy and is currently developing diversified innovation applications. The Philippine government has also proposed many programs in recent years to enhance industrial competitiveness. It is obvious that the industries of Taiwan and the Philippines have many potential areas for cooperation.
Taiwan views the Philippines as a key partner country under Taiwan's New Southbound Policy, through which we aim to effectively further strengthen our cooperation in the future.