PH-Taiwan Economic Relations Revived

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[caption id="attachment_57658" align="aligncenter" width="648"] TAIWAN TRADE CENTER MANILA OPENING From left: Confederation of Asia Pacific Chamber of Commerce and Industry President Ambassador Benedicto Yujuico, Philippine Chamber of Commerce and Industry President Miguel Varela, Trade and Industry Undersecretary Ponciano Manalo Jr., Taiwan Trade Center Chairman Chih-Kang-Wang, Taipei Economic and Cultural Affairs Representative Ambassador Raymund Wang, PCCI Chairman Alfredo Yao, and Taiwan Trade Center President Peter Huang offering a toast during the Taiwan Trade Center Grand Launch on December 4, 2013 in Makati City. ( Jim Guiao Punzalan)[/caption] Philippines-Taiwan relations have finally warmed up with both economies having forged a deal to enhance more trade and investments promotions and the establishment of the Taiwan Trade Center in Manila as bilateral trade is expected to reach $12 billion this year. Trade and Industry Undersecretary Ponciano Manalo told reporters at the TCC opening on Wednesday in Makati that TAITRA (Taiwan External Trade) and the Philippines (CITEM) Center for International Trade Exposition, Missions) have signed a letter of intent during the recent Joint Economic Conference to promote bilateral trade and investments and identify projects. Manalo said that bilateral trade and investment relations of both economies have been growing through the years even if the trade balance is heavily in favor of Taiwan. Taiwan is the Philippines 6th trading partner (next to Japan, US, China, Singapore, and S. Korea). Taiwan is also the Philippines 5th import source and 11th export destination. For 2012, the bilateral trade amounted to US$ 6.8 billion with Philippine exports to Taiwan amounted only to $ 1.94 billion as against Philippines imports of $ 4.86 billion. For the first semester of 2013, bilateral trade amounted to $ 3.1 billion. (PH Exports to Taiwan was $780 million; PH imports from Taiwan was $ 2. …