1934 Act Registration No. 1-14700

                             SECURITIES AND EXCHANGE
                                   COMMISSION
                              Washington, DC 20549

                                    FORM 6-K

                        REPORT OF FOREIGN PRIVATE ISSUER
                      PURSUANT TO RULE 13a-16 OR 15d-16 OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                         For the month of February 2004

                 Taiwan Semiconductor Manufacturing Company Ltd.
                 (Translation of Registrant's Name Into English)

                              No. 8, Li-Hsin Rd. 6,
                         Science-Based Industrial Park,
                                Hsin-Chu, Taiwan
                    (Address of Principal Executive Offices)

     (Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)

     Form 20-F   X                     Form 40-F ______
               -----

     (Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)

     Yes _______                       No   X
                                          -----

(If "Yes" is marked, indicated below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82: _______.)



                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                Taiwan Semiconductor Manufacturing Company Ltd.


Date: February 20, 2004         By /s/ Lora Ho
                                   ------------------------------
                                       Lora Ho
                                       Vice President & Chief Financial Officer



TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED

This is to report the grant of Employee Stock Options in February 2004.



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                      ESOP Granted                                               February 2004
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 Approval Date by the Securities and Futures Commission                       10/29/2003
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 Issue (Grant) Date                                                           02/19/2004
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 Number of Shares Issued                                                      15,720
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 Percentage of Issued Shares to Outstanding Common Shares                     0.00008%
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 Source of Option Shares                                                      New Common Share
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 Grant Price Per Shares                                                       NT$63.5
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 Option Duration                                                              10 years
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 Vesting Schedule                                                             2nd Year: up to 50%
                                                                              3rd Year: up to 75%
                                                                              4th Year: up to 100%
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