THE Cebu Investment and Promotions Office (CIPO) of the Cebu Provincial Government said some Chinese companies have expressed an interest to invest in Cebu.
Although kept anonymous, CIPO Investment Officer Roy Soledad said these Chinese construction firms were most interested to finance energy, housing, and infrastructure projects at “attractive” interest rates to local partners.
“They are looking for partners. I’m hoping and praying that by next year, these will be materialized,” the official said.
CIPO intends to market Cebu as the investment hub in Southern Philippines.
The Economist Intelligence Unit (EIU) report “China Going Global Investment Index 2017” ranked the Philippines 29th out of 60 economies in terms of attractiveness to Chinese firms.
The EIU report said the Philippines is a magnet for Chinese investors in the energy, consumer goods, and telecommunications sectors.
In the area of financial services, EIU said the Philippines ranked “relatively well,” and supported by “reasonable low financial risks and decent returns on assets.” Singapore topped this year’s most attractive destination for Chinese firms, beating the US. The report drew on 57 indicators spread across opportunity and risk pillars.
Aside from Chinese firms, CIPO also received inquiries from the United States for business process outsourcing (BPO), Japan on solid waste management projects, Switzerland on equipment, and Malaysia, Indonesia, and Brunei on consumer goods.
Eleven Philippine companies from various industries also communicated with Soledad to expand in Cebu. In addition, he said a Philippine company is eyeing a multi- billion Maldives-themed resort in the town of Cordova.
Created in October 2014 through Provincial Ordinance 2014-08, the CIPO is mandated to “attract, promote and encourage domestic and foreign investments in the province of Cebu as well as develop a business environment that keeps and sustains said investments.”