SUBIC BAY FREEPORT -- A Chinese firm will be investing a total of P9 billion for an exported-oriented business project here.
This was disclosed by Roberto Garcia, Subic Bay Metropolitan Authority (SBMA) chairman, adding that the SBMA board of directors has approved the Panhua Group Co. Ltd, proposal.
Garcia said the Panhua Group Co. Ltd. will engage in the pre-painting of steel coils and metal sheets for export and domestic trade and other allied industries.
The Chinese firm is also engaged in shipping, real estate, mining, steel manufacturing and logistics business in China.
"The Philippines is currently enjoying a BBB rating from Standard and Poor's, which means that the country has adequate capacity to meet financial commitments," Garcia said.
He said that more foreign direct investments (FDIs) are pouring into the Philippines because it has earned the trust of investors after it received investment upgrades from different rating firms.
The Panhua Group is a large-scale conglomerate, manufacturer, exporter, and wholesale supplier of cold-rolled steel coil, cold-rolled steel sheet, galvanized steel coil, galvanized steel sheet, pre-painted galvanized steel coil, and pre-painted galvanized steel coil sheet.
With an annual steel production capacity of 1.5 metric tons, Panhua Group Co. Ltd. is listed among the 500 top private enterprises in China.
The firm's main manufacturing bases, which have a registered capital of US$ 100 million, are located in Zhangjiagang City and Fuling District, as well as Chongqing City in mainland China.
Company officials said its proposed Subic Bay Freeport operations are expected to augment its production, as it has pegged its export target at 42,000 MT per month to begin in the first quarter of 2016.
Panhua's newly approved project in Subic will be located at Subic Bay Gateway Park Phase 2 and will initially be manned by 100 employees.