MANILA — Trade and Industry Secretary Ramon Lopez said the much improved bilateral relation between the Philippines and China has attracted more Chinese investors into the country.
In a statement Wednesday, Lopez said the Department of Trade and Industry (DTI) welcomes the Letters of Intent (LOIs) of Chinese companies seeking to invest in the country, which were signed on the sidelines of the Boao Forum 2018 in Boao, China Tuesday.
President Rodrigo Duterte graced the Boao Forum 2018.
The LOIs from Chinese companies reportedly amounted to some USD9.8 billion, which is expected to be invested in the sectors of construction, electronics, agriculture, tourism, and pharmaceutical.
These LOIs were from Chinese firms including Shanghai GeoHarbour Group, Jovo Group Co. Ltd. Guangdong, Zhongfa Group, Haocheng Group, China Green Agriculture Group, East-Cloud Biz Travel Ltd., China National Heavy Machinery Corporation, Sino BMG, Shanghai Shinehigh Biotechnology Ltd. Co., and Zhejiang Dongyang Jinxin Chemical Co. Ltd.
An estimated 10,800 jobs will be generated from these investments should they materialize.
“As one of the world’s top investment destinations, the Philippines enjoys the confidence of foreign direct investors. And due to our enhanced bilateral and trade relations with China, Chinese companies have increasingly expressed interest in investing in our country,” said Lopez.
Last year, five Chinese companies in sectors of aviation, oil downstream, renewable energy, iron and steel, and shipbuilding and ship repair presented their LOIs to invest in the country.
Their combined potential investments aggregated to some USD10.3 billion.
In previous interviews, Lopez said these companies that submitted their LOIs to the Board of Investments (BOI) last year are doing their market researches, with some of the investors already in the final stage of their studies.
In 2017, total approved investments from China rose 53.6 percent to PHP2.33 billion from PHP1.52 billion.
“We continue to improve the Philippine business environment and soon, we will be adopting new domestic policies and regulations to promote ease of doing business and competitiveness in various industries,” the trade chief added.
Meanwhile, to further boost DTI’s presence in China, the agency is activating three offices in Beijing, Shanghai, and Guangzhou.
DTI is also set to lead the Philippine delegation for the China International Import Exposition in November 2018. The delegation will be occupying 100 booths in the expo, aiming to attract Chinese companies to buy and import Philippine products. (PNA)
