September 11, 2024
MANILA – The Philippines has secured at least P4.59 billion worth of new investments from several Chinese firms, supporting the local manufacturing industry that saw its output expand at its fastest pace in three months last July.
The new investments committed after a nearly weeklong investment mission in China that concluded on Monday include the P2.72-billion commitment by Chinese industrial bearing manufacturer C&U.
The firm will construct a new building and production line to more than double its daily output from the current 200,000 pieces to 500,000 pieces.
Chinese plastic making manufacturer Ruian Bocheng Machinery Co., Ltd. has also allocated P700 million for the construction of a three-story building for its production of plastic injection moldings at the LIMA (Lipa-Malvar) Technology Center-Special Economic Zone.
Moreover, Huading Industries Corp. is spending P1 billion for an additional 1.3-hectare production facility at the Suntrust Ecotown Tanza in Cavite, while Tide Solar Inc. is investing $3 million (P168 million) for the construction of another solar panel manufacturing facility at the Anflo Industrial Estate in Davao.
In a statement on Tuesday, Philippine Economic Zone Authority (Peza) director general Tereso Panga said the recent Peza mission to China “will reinforce Chinese investors’ serious interest to further invest in the Philippines.”
Other new projects are the construction of a four-story building at the First Cavite Industrial Estate by energy firm Mass Power, as well as the production capacity upgrade of electric vehicle battery manufacturer Boamax Technologies.
According to Peza, there are 189 Chinese firms inside its economic zones.