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Viewing cable 07TAIPEI461, Taipei Economic Brief for February 2007

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Reference ID Created Released Classification Origin
07TAIPEI461 2007-03-01 08:37 2011-08-30 01:44 UNCLASSIFIED American Institute Taiwan, Taipei
VZCZCXRO1247
RR RUEHGH
DE RUEHIN #0461/01 0600837
ZNR UUUUU ZZH
R 010837Z MAR 07
FM AIT TAIPEI
TO RUEHC/SECSTATE WASHDC 4257
RUEATRS/DEPT OF TREASURY WASHDC
INFO RUCPDOC/USDOC WASHDC
RUEHBK/AMEMBASSY BANGKOK 3606
RUEHBJ/AMEMBASSY BEIJING 6409
RUEHUL/AMEMBASSY SEOUL 8497
RUEHGP/AMEMBASSY SINGAPORE 6829
RUEHKO/AMEMBASSY TOKYO 8529
RUEHML/AMEMBASSY MANILA 9962
RUEHJA/AMEMBASSY JAKARTA 4010
RUEHKL/AMEMBASSY KUALA LUMPUR 3691
RUEHHI/AMEMBASSY HANOI 3243
RUEHBY/AMEMBASSY CANBERRA 4465
RUEHWL/AMEMBASSY WELLINGTON 1725
RUEHHK/AMCONSUL HONG KONG 7653
RUEHGH/AMCONSUL SHANGHAI 0852
RUEHGZ/AMCONSUL GUANGZHOU 0031
UNCLAS SECTION 01 OF 03 TAIPEI 000461 
 
SIPDIS 
 
SIPDIS 
 
STATE PLEASE PASS USTR 
STATE FOR EAP/RSP/TC, EAP/EP 
USTR FOR ALTBACH and Stratford 
USDOC FOR 3132/USFCS/OIO/EAP/WZARIT 
TREASURY FOR OASIA/LMOGHTADER 
TREASURY ALSO PASS TO FEDERAL RESERVE/BOARD OF 
GOVERNORS, SAN FRANCISCO FRB/TERESA CURRAN, AND NEW YORK FRB MARI 
BOLIS 
 
E.O. 12958: N/A 
TAGS: EINV EFIN ECON PINR TW
SUBJECT: Taipei Economic Brief for February 2007 
 
 
1.  This cable summarizes selected February 2007 economic events in 
Taiwan: 
 
--Moon Distorts Taiwan's Economic Statistics 
--Economic Performance Better Than Expected 
--Labor Participation Rate Up, Unemployment Down 
--2007 Private Investment Goal: NT$1.67 Trillion 
--Taiwan to Direct Foreign Investment to Service Sector 
--Banks Improving, Some Farmers Credit Units in Trouble 
--Two State-owned Banks Decided to Merge 
--Flat Panel Output to Break NT$2 Trillion by 2010 
--Dai Nippon Printing to Build Photomask Plant 
 
Moon Distorts Taiwan's Economic Statistics 
------------------------------------------ 
 
2.  The weeklong Lunar New Year holiday began in January 2006 but 
started in February 2007 resulting in a high trade growth statistics 
for January 2007, i.e., an 18% rise in exports and 24% increase in 
imports, both on a y-o-y basis.  The holiday factor also caused high 
growth in January 2007 industrial production.  This factor is 
expected to contribute to lower growth or even a decline in February 
2007 trade and production statistics.  A large transfer of equity 
holdings in a local semiconductor firm offshore in January 2006 led 
to a nearly 90% drop in inbound foreign investment (FDI) approved in 
January 2007.  Taiwan's Investment Commission noted that if the 
equity transfer was excluded, approved FDI in January 2007 would 
have posted growth of 141.5% from a year earlier. 
 
Economic Performance Better Than Expected 
----------------------------------------- 
 
3.  In its mid-February economic forecasts, the Directorate General 
of Budget, Accounting and Statistics (DGBAS) upwardly adjusted 
Taiwan's 2007 economic growth to 4.3% from 4.0% projected in 
November 2006.  The DGBAS attributed the upward adjustment mainly to 
three factors:  1) New products (e.g., Windows Vista, Office 2007, 
iPhone, and a new iPod series) have prompted sharp increases in 
local sales and shipments from Taiwan suppliers of parts and 
components for the new products.  2) Semiconductor firms have 
launched several 12-inch wafer fab construction projects.  3) Taiwan 
airlines companies are expanding their fleets.  These developments 
have contributed to an increase in estimated economic growth from 
4.02% in Q4 of 2006 to 4.03% in Q1 of 2007 and up to 4.5% in Q4 of 
2007. 
 
Labor Participation Rate Up, Unemployment Down 
--------------------------------------------- - 
 
4.  Taiwan has substantially improved its employment market over the 
past five years.  The labor force participation rate increased 
steadily from 57.3% in 2002 to a seven-year high of 57.9% in 2006. 
Meanwhile, the unemployment rate dropped steadily from 5.17% to a 
six-year low of 3.9%, and the average number of weeks for 
unemployment declined from 30 to 24.  Involuntary unemployment 
(defined as unemployment due to business closure, downsizing, or 
conclusion of temporary or seasonal work) fell from 57% of total 
unemployment to 39%.  The service sector has become a major source 
of job opportunities, contributing 73.4% of Taiwan's GDP with 58.5% 
of Taiwan's jobs. 
 
2007 Private Investment Goal: NT$1.67 Trillion 
--------------------------------------------- - 
 
5.  Taiwan wants private investment in 2007 to grow 11.4% to NT$1.65 
trillion (US$50 billion).  Private investment in 2006 totaled 
NT$927.6 billion, 2.7% above the 2006 target.  In 2007, the Ministry 
 
TAIPEI 00000461  002 OF 003 
 
 
of Economic Affairs (MOEA) will try to encourage investment in radio 
frequency identification (RFID), intelligent robots, electronic 
pets, and nanotechnology.  Meanwhile, the MOEA will promote an 
e-business program for small and medium enterprises. 
 
Taiwan Wants Foreign Direct Investment in Service Sector 
--------------------------------------------- ------ 
 
6.  The MOEA Department of Investment Services (DOIS) set a 2007 
target of US$7.6 billion for foreign direct investment (FDI) in 
Taiwan.  DOIS will try to channel FDI into services, particularly 
financial services, information and telecommunications (IT), and 
media industries.  The MOEA together with the Financial Supervisory 
Commission and other agencies, will organize a road show to attract 
foreign investors, principally the top 20 financial service firms in 
Europe, the U.S., and Japan. 
 
Banks Improving, Farmers Credit Units in Trouble 
--------------------------------------------- --- 
 
7.  Taiwan's banking sector is composed of the 42 banks, 28 credit 
coops, and 278 farmers and fishermen's associations (FA) credit 
departments.  Banks, naturally, are the backbone of Taiwan's banking 
sector, with 92% of assets and 94% of loans.  Although delinquent 
credit/cash card debt in 2006 eroded profitability of Taiwan banks, 
they remained relatively healthy.  Total delinquent credit/cash card 
debt written off shot up from NT$32 billion (US$970 million) in 2004 
to and NT$163 billion (US$4.9 billion) in 2006.  Taiwan banks 
reported pre-tax losses of NT$7.4 billion (US$224 million) in 2006 
but NPL ratio in December 2006 declined to a ten-year low of 2.1% 
while bad debt reserves set a new high of nearly 60% and the average 
capital adequacy (CA) ratio remained above 10%. 
 
8.  The 28 credit coops and 278 FA credit departments were more 
profitable than banks in 2006.  Credit coops reported a 2006 an NPL 
ratio of 1.8%, bad debt reserves of 38%, a capital adequacy (CA) 
ratio exceeding 12%, a return on asset (ROA) ratio of 0.28%, and a 
return on net worth (ROE) ratio of 4.5%.  However, FA credit 
departments had some disturbingly high NPL ratios and low CA ratios. 
 Their average NPL ratio in 2006 was 8%.  Among the 278 FA credit 
departments, 101 reported their NPL ratios exceeding 10%, and 95 of 
the 101 reported bad debt reserves below 30% of their NPLs. 
 
Two State-owned Banks Decided to Merge 
-------------------------------------- 
 
9.  Taiwan recently announced that Central Trust of China (CTC) will 
merge into Bank of Taiwan (BOT) in July 2007.   In early January 
2007, the Securities and Futures Bureau authorized BOT to issue new 
shares to replace CTC shares at a ratio of one BOT share for two CTC 
shares.  Currently, BOT is the largest bank in Taiwan with 9% market 
share in assets, 9% in deposits, and 8.5% in outstanding loans.  CTC 
ranks 36th in net worth and 26th in assets among Taiwan's 42 banks. 
However, CTC is a giant in insurance.  CTC is the primary insurance 
provider for all Taiwan military personnel, public school faculties, 
and civil service employees.  It also conducts procurement for 
public agencies.  After the merger, the new banking unit will remain 
the largest bank in Taiwan, with market share of over 10%, total 
assets of NT$2.93 trillion (US$88.8 billion), deposits of NT$2.29 
trillion (US$69.4 billion), and outstanding loans of NT$1.67 
trillion (US$50.6 billion). 
 
Flat Panel Output to Break NT$2 Trillion by 2010 
--------------------------------------------- --- 
 
10.  Production of Taiwan's flat panel industry in the first ten 
months of 2006 exceeded NT$1 trillion (US$30 billion).  The 
 
TAIPEI 00000461  003 OF 003 
 
 
Industrial Economics and Knowledge Center (IEK) estimated that in 
2006 the industry will grow to NT$1.28 trillion (US$39 billion). 
Flat panels which constitute 72% of the industry's production will 
rise 31% to NT$925 billion (US$28 billion).  The IEK further 
projected that the industry will grow by an average annual rate of 
15.8% to reach NT$2.24 trillion (US$68 billion) in 2010.  According 
to the IEK, Taiwan is about to enter a new stage focusing on 
innovation in design and development in new manufacture technologies 
and new materials. 
 
Dai Nippon Printing to Build Photomask Plant 
-------------------------------------------- 
 
11.  According to the Council for Economic Planning and Development 
(CEPD), Dai Nippon Printing, the world's second largest 
semiconductor photomask producer, will build a photomask plant in 
Taiwan starting in April 2007.  Commercial operation is scheduled to 
start in September 2008.  The NT$5.4 billion (US$164 million) plant 
will serve as a major supplier to semiconductor companies in Taiwan, 
which accounts for one-quarter of the 12-inch wafer fabs in the 
world.  Dai Nippon Printing anticipates a substantial increase in 
demand for photomasks as major chip manufacturers are expanding in 
Taiwan. 
 
YOUNG