Chinese firms commit to invest P4.59B more in PH
The Philippines has secured at least P4.59 billion worth of new investments from several Chinese firms, supporting the local manufacturing industry which saw its output expand at its fastest pace in three months based on July data released by the government earlier this month.
The new investments committed after nearly week-long investment mission in China that concluded last Monday include the P2.72-billion commitment by Chinese industrial bearing manufacturer C&U to construct a new building and production line to more than double its daily output from the current 200,000 pieces to 500,000 pieces.
Chinese plastic making manufacturer Ruian Bocheng Machinery Co., Ltd. has also allocated P700 million for the construction of a three-story building for its production of plastic injection moldings at the LIMA (Lipa-Malvar) Technology Center-Special Economic Zone.
Moreover, Huading Industries Corporation is spending P1.0 billion for an additional 1.3-hectare production facility at the Suntrust Ecotown Tanza in Cavite, while Tide Solar Inc. is investing $3 million (P168 million) for the construction of another solar panel manufacturing facility at the Anflo Industrial Estate (AIE) in Davao.
In a statement on Tuesday, Philippine Economic Zone Authority (PEZA) director general Tereso O. Panga said the recent PEZA mission to China
“will reinforce Chinese investors’ serious interest to further invest in the Philippines.”
Other new investments are construction of a four-story building at the First Cavite Industrial Estate by energy firm Mass Power, as well as the production capacity upgrade of electric vehicle battery manufacturer Boamax Technologies.
According to PEZA’s records, it approved P2.02 billion from the combined investments from mainland China and Hong Kong, three times higher than the P769 million it approved in the same period last year.
A tally from the investment promotions agency also lists 189 Chinese firms inside its economic zones.
These firms have generated P47.3 billion investments in total and have created 46,501 direct jobs.
