9 Chinese firms to invest in Philippines

PRESIDENT Rodrigo Duterte's latest visit to China has encouraged at least nine Chinese corporations to invest in the Philippines.

The President witnessed Tuesday afternoon, April 10, the signing of letters of intent, indicating the interest of nine Chinese companies to establish operations in the Philippines.

Signed LOIs were from Shanghai Geoharbour Group, Jovo Group Co. Ltd., Zhongfa Group, Haocheng Group, China Green Agriculture Group, East-Cloud Biz Travel Ltd., China National Heavy Machinery Corporation, Shanghai Shinehigh Biotechnology Ltd. Co. and Zheijiang Dongyang Jinxin Chemical Co. Ltd., and Sino Building Materials Group.

The investment proposals include:

• Land reclamation, sludge remediation, and land development, especially in areas in Laguna de Bay, by Shanghai Geoharbour Group;

• Establishment of 50-hectare liquefied natural gas receiving terminal by Jovo Group Company Ltd.;

• Development of large-scale cultural tourism projects and electronics industry park by Zongfa Group;

• Participation in the Philippines' infrastructure, construction, and thermal power supply projects by Haocheng Group;

• Exploring opportunities in the agriculture and tourism sectors by China Green Agriculture Group;

• Bringing specialization in ticketing, route operation, hotel service, information technology, tourism planning and development by East Cloud Biz Travel Limited;

• Development of a China-Philippines international techno-industrial zone in the Philippines by China National Heavy Machinery Corporation;

• Establishment of a pharmaceutical factory and processing plant, and development of chemical products such as agro-chemicals healthcare ingredients by Shanghai Shinehigh Biotechnology Ltd. and Zheijiang Dongyang Jinxin Chemical; and

• Establishment of an autoclaved aerated concrete block production lines in the Philippines by Sino Building Materials Group.

Duterte, in a keynote speech after the signing of the LOIs, expressed gratitude for the planned investments of "responsible" Chinese firms.

"I hope for a more robust and healthy balance of trade in the coming years, as the Philippines and China continue to enhance and increase trade links," the President said.

"I acknowledge the job opportunities that will be created by the Chinese investments now and in the years to come, and their role in promoting inclusive growth of encouraging entrepreneurship among the Filipinos," he added. (SunStar Philippines)