DUBAI-BASED DP World is willing to invest around P25 billion in the Philippines to open more ports and expand existing facilities all over the country, the Department of Trade and Industry (DTI) said.
The logistics firm is also looking for local partners to expand its operations in the country, acting Trade Secretary Ma. Cristina Roque said on Monday following a trade visit to the United Arab Emirates (UAE) last October 3 to 5.
“[DP World] also wants to be able to be the one to operate the different ports in the country … the ports that are not open yet [and] the ports that can still be opened in our country,” Roque told reporters.
She said the logistics firm wants to introduce new and advanced ways of operating port systems, and also get into the establishment of commercial areas besides ports.
In August, DP World Asia Pacific Chief Executive Officer Glen Hilton said the firm and Asian Terminals Inc. have invested $90 million to modernize Batangas Port and enhance operations at Manila South Harbor.
In addition to DP World, meanwhile, UAE energy firm Masdar was also said to have expressed interest in accelerating the development of solar, wind and geothermal projects in the Philippines.
Roque said the company would be investing a minimum of P600 million for the development of around 50 to 500 hectares of land.
Attracting investments in renewable energy is a critical component of the Philippine government’s strategy to achieve energy self-reliance and mitigate the impact of climate change.
During her three-day visit to the UAE, Roque also met with Foreign Trade Minister Thani bin Ahmed Al Zeyoudi and other key stakeholders to promote investment opportunities in the Philippines.
Last week, Roque said that the Philippines was set to complete a Comprehensive Economic Partnership Agreement (CEPA) with the UAE this year.
The CEPA was initiated in December 2021 and was followed by the signing of a Joint Statement of Intent in February 2022 and the Terms of Reference in December 2023. The first and second rounds of negotiations were held in May and July 2024, and the formal signing this year is expected to coincide with the 50th anniversary of Philippine-UAE relations.
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