{"id":92292,"date":"2017-03-03T03:17:52","date_gmt":"2017-03-03T08:17:52","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=92292"},"modified":"2017-03-03T03:17:52","modified_gmt":"2017-03-03T08:17:52","slug":"chinese-firms-plan-to-invest-usd10-b-in-phl","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/03\/03\/chinese-firms-plan-to-invest-usd10-b-in-phl\/","title":{"rendered":"Chinese firms plan to invest USD10-B in PHL"},"content":{"rendered":"
\"Five<\/a>
Five Chinese companies have expressed their plan to make more than USD10 billion in investments in the Philippines that would create more than 15,500 jobs. (PNA photo)<\/figcaption><\/figure>\n

MANILA\u2014Five Chinese companies have expressed their plan to make more than USD10 billion in investments in the Philippines that would create more than 15,500 jobs.<\/p>\n

Board of Investments (BOI)managing head, Ceferino Rodolfo, told reporters in a briefing on Friday that the agency received Letters of Intent from Chinese firms Aviation Industry Corp. of China (AVIC) International Aero-Development Corp., Liaoning Bora Enterprise Group Co. Ltd., Huili Investment Fund Management Co. Ltd., Dalian Wanyang Heavy Industries Co. Ltd., and YiDingTai (YDT) International.<\/p>\n

These companies are still conducting their feasibility studies, which are expected to be concluded before the year ends.<\/p>\n

Two companies, Liaoning Bora and Huili, are looking to invest USD3 billion each.<\/p>\n

Liaoning Bora is eyeing to construct and operate downstream oil projects in the country, which will include retail network, oil storage terminal, refinery projects, and allied industries.<\/p>\n

Some 3,000 jobs are forecast to be generated from this project, two years after starting its commercial operation.<\/p>\n

Huili plans to put up a world-class steel mill facility here. It is also eyeing to invite its partners in China to set up their factories in the country for an integrated steel mill.<\/p>\n

The Chinese company will create an estimated 6,000 jobs from the steel mill project.<\/p>\n

Dalian Wanyang meanwhile is looking to start a USD2.8 billion waste-to-energy project in Metro Manila with a capacity to produce 312 megawatts of power from 4,000 to 5,000 metric tons of solid waste from households and businesses.<\/p>\n

The project is seen to generate some 4,500 jobs.<\/p>\n

Dalian Wanyang unit YDT International, on the other hand, is eyeing a USD1.5-billion shipbuilding and ship repair facility in the country.<\/p>\n

YDT International targets to build vessels that are 15,000-deadweight tons and below, to be used as roll-on roll-off (RORO) ships, for the domestic market.<\/p>\n

According to Rodolfo, the average age of vessels in the country is at 30 years.<\/p>\n

\u201cThe current mode of modernizing vessels is to import second-hand vessels. So, instead of importing second-hand, why not produce safe RORO vessels here and create jobs for Filipinos,” he said.<\/p>\n

The company is eyeing to produce at least 2,000 jobs for this project.<\/p>\n

AVIC, on the other hand, has yet to disclose the investment value of its project in the Philippines.<\/p>\n

Rodolfo, who is also a trade undersecretary, mentioned that AVIC aims to explore opportunities in industrial cooperation for aerospace parts manufacturing, as well as aviation maintenance and training.<\/p>\n

Once investments are finalized, this will be the first time for the five Chinese firms to operate in the Philippines.<\/p>\n

\u201cOverall, there are numerous areas that can be developed that we are keen on collaborating with Chinese businesses to develop the necessary landscape in order to continue marching forward towards a mutually beneficial relationship,\u201d the official said.<\/p>\n

\u201cWe would like to emphasize that good governance is the key normative standard of development in the Philippines,\u201d Rodolfo added. \u201cAll of these projects will be implemented corruption-free.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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