The Taiwan Maritime and Port Bureau (TMPB) has expressed interest in partnering with the Subic Bay Maritime Authority (SBMA) to increase container transhipment traffic between the ports of Taiwan and Subic.
In a statement, SBMA officer-in-charge administrator Randy Escolango said executives of TMPB raised the possibility of a partnership during a recent port visit to Subic. The increase in container traffic may be done through Taiwan-based carrier Yang Ming Marine Transport Corp.
Escolango said the port visit was a result of SBMA’s participation in the 22nd Philippines-Taiwan Joint Economic Conference in Taipei last October.
He noted that the “Southbound Policy” of the Taiwanese government has led to concrete measures to prioritize countries south of the territory for enriching trade and investment ties.
Escolango said that the Philippines is taking advantage of the opportunity brought by this “paradigm shift” to capture business from the mature industries of Taiwan in the fields of high-value manufacturing, innovation, logistics and transhipment, renewable energy, e-commerce, and financing.
The OIC administrator said they asked the Taiwan Maritime and Port Bureau to encourage industries in Taichung to use Subic port as a gateway into the region.
Taiwan is the Philippines’ sixth biggest trading partner, with US$7.85 billion worth of bilateral trade in 2015. At present, there are 52 Taiwanese companies in Subic Freeport which have over $500 million worth of investments and generate 12,500 jobs.
