September 11, 2024 | 12:00am
MANILA, Philippines — Six Chinese firms are planning to invest around P4.6 billion to expand operations in the Philippines, according to the Philippine Economic Zone Authority.
PEZA director general Tereso Panga said in a statement yesterday that the investment commitments were secured during the agency’s last investment mission to China.
He added the Chinese foreign direct investment (FDI) commitments secured by the PEZA are for expansion projects of existing registered business enterprises for filing within the year.
According to Panga, these projects include C&U’s P2.72-billion investment for the construction of a new building and production line to increase its daily output for industrial bearings to 500,000 pieces from the current 200,000 pieces.
Bocheng is looking to invest P700 million for the construction of a three-story or 30,000-square meter gross floor area building for its production of plastic injection moldings at the LIMA Estate.
Energy firm Mass Power is planning to expand through a four-story building over a 4,500 sqm lot, while Boamax is increasing its production capacity with the relocation of its electric vehicle battery charging pile equipment manufacturing from China to the Philippines.
Panga added that quartz stone manufacturer Huading intends to pour in P1 billion for an additional 1.3-hectare production facility at the Suntrust Ecotown Tanza in Cavite.
He also said Tide Solar is looking to invest $3 million for the construction of another solar panel manufacturing facility in ANFLO Industrial Estate, in addition to its existing $7-million facility in LIMA Estate.
Panga said new Chinese FDI leads were also generated from the investment fora in Shanghai and Dongguan.
He added medium-sized companies, mostly related to electronics, have expressed their interest to engage in ecozone domestic and export-manufacturing activities in the country.
Special Assistant to the President for investment and economic affairs Frederick Go told reporters on the sidelines of the Management Association of the Philippines (MAP) CEO Conference yesterday that the country is open to investors from all over the world.
While geopolitical uncertainty was cited as a major concern keeping Philippine CEOs up at night in the 2024 Philippine CEO Survey of the MAP and PwC Philippines, he said, “I think that’s not a serious concern at this point.”
Despite geopolitical issues including the tensions in the West Philippine Sea, Go said the Philippines remains attractive to investors.
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