Taiwan Economic Cultural Office (TECO) is batting for the Philippines to become a destination for Taiwanese investors whose favorite relocation sites in southeast Asia are mainly Vietnam, Thailand and Indonesia.
Alfred Y.H. Wang, TECO Economic Counselor, told reporters during a press conference for the “Meet Taiwan,” networking event that aims to promote Taiwan as hub for Meetings, Incentive, Travel, Conferences, Exhibitions industry, that many Taiwanese investors who have been in China for the past 20 years are moving out of mainland China because the Chinese government is “not so friendly to foreign investors” and are relocating to some areas in ASEAN.
The free-visa program will expire on July 31 this year. Taiwan authorities are expected to make an announcement soon if it will be extended or not. Tseng cited this new SEC rules for relaxing the 60-40 foreign equity ownership rules for foreign investors in the country.
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