Cathay United Bank, RCBC to jointly promote Taiwan investments to the Philippines

CUB saw an increase in clients seeking advisory services for market entry in the PH.

Cathay United Bank (CUB) Manila branch has signed a tripartite memorandum of understanding with the Rizal Commercial Banking Corporation (RCBC) and the Philippine Economic Zone Authority (PEZA) for the promotion of investments between Taiwan and the Philippines.

CUB and RCBC will serve as investment promotion partners, jointly organizing business forums and seminars aimed at helping enterprises identify investment opportunities.

PEZA will provide support with site selection and network building.

Infrastructure development and economic reforms are driving increasing investment interest in the Philippines, with more of CUB’s clients seeking advisory services for market entry, said CUB executive vice president Benny Miao.

Taiwanese enterprises invested in 277 projects in the Philippines by end-2024, with a total value of $2.55b, according to Taiwan’s Ministry of Economic Affairs.

The recent tariff agreement between the Philippines and the United States is also expected to attract more manufacturers to relocate their production to the country, CUB and RCBC said in a press release.