CNA file photo

Taipei, June 14 (CNA) Taiwan's Hua Nan Commercial Bank Ltd. opened a branch in Manila on Wednesday to promote its services in the Philippines, according to a statement issued by the bank.

The bank said the Philippines has several advantages that allow opportunities to promote its services there.

For example, the Philippines has a relatively young population and is one of the founding countries in the Association of Southeast Asian Nations, the bank said.

Furthermore, the administration of Philippine President Rodrigo Duterte has implemented a series of reform programs since it took office last year, particularly policies related to the nation's economic development, the bank said.

These include individual and company tax reforms and invention and innovation loans for small and medium-sized enterprises, it noted.

These measures have helped to boost foreign investment and salaries in the Philippines, contributing to a sharp growth in private consumption and job creation, the bank said.

Noting that an increasing number of Taiwanese enterprises in China are moving to the Philippines, the bank said it hopes to help such Taiwanese businesses thrive in the Southeast Asian country.

Founded in 1919, Hua Nan Bank is one of Taiwan's leading commercial banks, with a paid-in capital of NT$67.676 billion (US$2 billion).

In addition to its new Manila branch, it has overseas branches in China, the United States, the United Kingdom, Hong Kong, Vietnam, Singapore, Macau and Australia. 

(By Tian Yu-bin and Romulo Huang)
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