TAIPEI -- A China-based millionaire fugitive wanted by Taiwan is planning to invest heavily in the Philippines, as local officials fail to convince their Philippine and Chinese counterparts to extradite the businessman.

According to Philippine media, citing Philippine Economic Zone Authority Director General Charito Plaza, Taiwan-born tycoon Chen Yu-hao is seeking to build the largest economic zone in the country that could generate as much as $360 billion in investments.

$360 billion is more than the Philippines' gross domestic production in 2016, which totaled $305 billion.

Chen's businesses span petrochemicals to hotels and is based in Xiamen in southern China. The tycoon fled from Taiwan in 2003 on allegations that he had tunneled company funds.

An official at the Ministry of Justice familiar with Taiwan's efforts to have Chen extradited said he was wanted in connection with a number of cases. The official declined to provide details about Chen's legal troubles.

He revealed that Chen's Taiwanese passport had expired, and that he was believed to be traveling on a Chinese passport.

Taiwanese media said that Chen owed the local government some 415 million New Taiwan dollars ($13.71 million) in income tax and roughly NT$70 billion in loans to banks based locally. They said he was also accused of other corporate fraud but managed to dodge indictment.

On Thursday, Taiwan's Mainland Affairs Council Chair Katharine Chang said that Taiwanese officials had repeatedly asked Chinese authorities to send Chen back, but to no avail.

"We have repeatedly made our case with mainland China to send Chen back, but they have not responded positively to our request," Chang said. "We will continue to urge Chinese officials to send the fraudster back to Taiwan to face justice."

Chang's agency is in charge of implementing Taiwan's China policies.

The justice ministry official said Taiwan had also contacted Manila about extraditing Chen although there had been no response so far.

The comments by the Taiwanese officials came after Philippine Economic Zone Authority's Plaza dismissed their concerns.

"It's none of our business if ever this investor has cases in the countries where he has been to," Plaza told local TV station ABS-CBN on Wednesday. "It is a political issue because I was told that the owner was supporting another presidential candidate in the last election, so it is not a criminal issue."

No contact information is available on the website of Chen's flagship business in China, Xiang Lu Dragon Group. Nikkei Asian Review contacted a hotel run by Xiang Lu Dragon Group but was told no one was immediately available.

China and Taiwan split amid a civil war in 1949 but Beijing continues to claim the island as part of its territory. Manila recognizes Beijing's claim and sees Taiwan as part of China.

Nikkei staff writer Cliff Venzon in Manila contributed to this story.