With a population of about 23 million, Taiwan is the world’s 17th largest economy, the 14th largest exporter and one of the highest in foreign exchange reserves. Taiwan’s experience in public health and agricultural and fisheries development is also a valuable resource for many countries.

The Philippines maintains a cordial relationship with Taiwan in the fields of trade, investment, tourism, and labor. Its economy has been held up as an example of successful development, and its successful land reform program has been adopted by many countries, including the Philippines. Latest Taipei Economic and Cultural Office (TECO) statistics show there are about 100,000 Filipinos working in Taiwan. The Philippines is the second biggest source of labor for Taiwan’s 300,000 foreign workforce.

In 2004, Taiwan was the Philippines’ 7th largest trading partner, accounting for about 5.53 percent, or US$2.2 billion, of the country’s total exports. Semi-conductors are the Philippines’ biggest export to Taiwan, accounting for 59.02 percent of total exports, valued at US$1.29 billion. Electronic data processing also contributes a significant share of Philippine exports to Taiwan, accounting for 16.91 percent of total exports valued at US$370 million. Other exports having substantial shares are marine products, fresh foods, and automotive parts.

Top Philippine imports from Taiwan in 2004 were semiconductor components/devices (US$960 million), petroleum products (US$489 million), chemicals (US$196 million), textile yarns, twine, and cordage (US$161 million), machinery/transport equipment/parts (US$113 million) and metal manufactures (US$120 million).

We congratulate the government and people of Taiwan and the Taipei Economic and Cultural Office headed by its Representative, Dr. Hsin-hsing Wu on the occasion of their 94th "Double Ten’’ Anniversary.