Manila-The Bank of Taiwan (BOT) officially opened a representative office in Manila, capital of the Philippines Thursday as part of its efforts to help Taiwanese businesses enter the Southeast Asian market.
During a speech at the opening ceremony that day, BOT Chairman Joseph Jye-cherng Lyu (???) said the office demonstrates the brotherhood between Taiwan and the Philippines indicating the two sides will work together to create economic value.
The representative office was set up to assist Taiwanese businesses take advantages of opportunities offered by economic growth in the Philippines, Lyu pointed out.
Explaining the strategic location of the office, he said "the Philippines stands as a critical entry point to the ASEAN market with ample opportunities for Taiwan businesses."
"I believe from the bottom of my heart, that this is the country (the Philippines) we BOT must be present to (make) dialogue directly with clients in the region," Lyu said.
The bank will strengthen cooperation with local financial institutions and multinational banks to create win-win situations, he added.
At the opening ceremony, Philippines Senator Richard Gordon said his government is making every effort to develop infrastructure, and the office will be able to engage in business in an excellent environment.
Since 2018, the bank has set up branches and offices in Sydney, Bangkok, Frankfurt and Manila, and is planning to open offices in Vietnam, Indonesia and Malaysia to expand its global presence.
Currently, nine Taiwanese banking institutions operate in the Philippines, namely Mega International Commercial Bank, CTBC Bank, Cathay United Bank, Yuanta Commercial Bank, Taiwan Cooperative Bank, First Commercial Bank, Hua Nan Bank, Chang Hwa Bank and BOT.
Source: Focus Taiwan News Channel