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The Philippines is following at least 24 investment leads from companies relocating from China, according to the Trade Department.
Trade Secretary Ramon Lopez said Wednesday at the Kapihan sa Manila Bay e-forum that several companies from China, Japan, Korea, Taiwan, Hong Kong and the US were keenly interested in the Philippines, while others were searching for other locations as they planned to exit China.
“Taiwan, Japan and Korea will be the main source for manufacturing companies. Whether companies in these countries are the ones that we have really invited to invest, we are presenting the Philippines as a complementary host country. We have right now 24 existing business leads relocating or expanding from China, and these are companies from China, Japan, Taiwan and US,” Lopez said.
He said the department offered tailor-fit incentives to another 135 companies, including 16 from Wuhan. Of the total, 55 are Chinese companies and 64 are China-based companies affected by the US-China trade war.