The Philippines is luring Mexico-based technology and manufacturing companies into making the Philippines their gateway to the lucrative 630-million strong 10-nation Association of Southeast Nations (ASEAN) market.
Finance Secretary Carlos Dominguez III said Mexico can take advantage of the Philippines’ young, talented workforce and reasonable labor costs. Mexico now is emerging as a top exporter of high-technology goods.
Based on World Bank data, Mexico is now one of Latin America’s top exporters of high-technology goods with $46.81 billion worth of high-technology exports in 2016.
“We’d like to go with Mexican companies, particularly with your high-technology companies—you have good experience in manufacturing high-tech products in the US market. We would like to invite you to come and invest here—probably for the Mexican companies to use Philippines as a base to enter the ASEAN market,” said Dominguez during his recent meeting with Mexican Ambassador Gerardo Lozano Arredondo.
“We will be happy to certainly host you here,” Dominguez told Lozano. “As you know, the tariff rates among ASEAN countries is now quite low, In fact zero in most cases and this is an opportunity for your companies to come and set up manufacturing here.”
Lozano said that with the “excellent historical relations” between the two countries, “the Philippines can be the door for Mexico” to the ASEAN.
“We are trying to diversify our relations and we consider Asian countries as our very important option,” said Lozano during the meeting.
Lozano said a series of consultations tentatively scheduled in March in Mexico between Philippine and Mexican officials would be a good opportunity to expand political and economic ties between the two countries.
“We are planning to invite some Philippine businessmen to join the delegation to come in order to meet Mexican businessmen and discuss opportunities for new businesses,” Lozano said.