Chinese firms plan to invest USD10-B in PHL

MANILA-- Five Chinese companies have expressed their plan to make more than USD10 billion in investments in the Philippines that would create more than 15,500 jobs.

Board of Investments (BOI)managing head, Ceferino Rodolfo, told reporters in a briefing on Friday that the agency received Letters of Intent from Chinese firms Aviation Industry Corp. of China (AVIC) International Aero-Development Corp., Liaoning Bora Enterprise Group Co. Ltd., Huili Investment Fund Management Co. Ltd., Dalian Wanyang Heavy Industries Co. Ltd., and YiDingTai (YDT) International.

These companies are still conducting their feasibility studies, which are expected to be concluded before the year ends.

Two companies, Liaoning Bora and Huili, are looking to invest USD3 billion each.

Liaoning Bora is eyeing to construct and operate downstream oil projects in the country, which will include retail network, oil storage terminal, refinery projects, and allied industries.

Some 3,000 jobs are forecast to be generated from this project, two years after starting its commercial operation.

Huili plans to put up a world-class steel mill facility here. It is also eyeing to invite its partners in China to set up their factories in the country for an integrated steel mill.

The Chinese company will create an estimated 6,000 jobs from the steel mill project.

Dalian Wanyang meanwhile is looking to start a USD2.8 billion waste-to-energy project in Metro Manila with a capacity to produce 312 megawatts of power from 4,000 to 5,000 metric tons of solid waste from households and businesses.

The project is seen to generate some 4,500 jobs.

Dalian Wanyang unit YDT International, on the other hand, is eyeing a USD1.5-billion shipbuilding and ship repair facility in the country.

YDT International targets to build vessels that are 15,000-deadweight tons and below, to be used as roll-on roll-off (RORO) ships, for the domestic market.

According to Rodolfo, the average age of vessels in the country is at 30 years.

"The current mode of modernizing vessels is to import second-hand vessels. So, instead of importing second-hand, why not produce safe RORO vessels here and create jobs for Filipinos," he said.

The company is eyeing to produce at least 2,000 jobs for this project.

AVIC, on the other hand, has yet to disclose the investment value of its project in the Philippines.

Rodolfo, who is also a trade undersecretary, mentioned that AVIC aims to explore opportunities in industrial cooperation for aerospace parts manufacturing, as well as aviation maintenance and training.

Once investments are finalized, this will be the first time for the five Chinese firms to operate in the Philippines.

"Overall, there are numerous areas that can be developed that we are keen on collaborating with Chinese businesses to develop the necessary landscape in order to continue marching forward towards a mutually beneficial relationship," the official said.

"We would like to emphasize that good governance is the key normative standard of development in the Philippines," Rodolfo added. "All of these projects will be implemented corruption-free." (PNA)

Source: Philippines News Agency

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