Chinese firms see Philippines as investments hub – BOI

MANILA, Philippines — Chinese companies continue to view the Philippines as an investment hub as more firms are eyeing to leverage on the numerous investment prospects the country has to offer.

After the state visit in China, Chinese Enterprises Philippine Association (CEPA) president Hu Xinquan said at the recent Philippine Investment Opportunities Briefing for CEPA earlier this month that more Chinese enterprises are even more eager to accelerate their business in the country.

Xinquan, who is also country head of Bank of China in the Philippines, said that bank together with the  Board of Investments (BOI) and the Department of Trade and Industry (DTI) would continue to help CEPA members grow their investments in the country.

The BOI together with CEPA, in collaboration with Foreign Trade Service Corps  and Bank of China, recently organized an investment briefing for CEPA members, to provide valuable insights on the Philippines’ business environment, policies and government support, as well as present sectoral opportunities and value propositions for Chinese investors.

The BOI said this is in line with its initiatives to encourage Chinese companies to expand and diversify their businesses in the country.

It added that conference also marked the continued collaborative efforts between BOI and BOC Manila, aligned with the renewed BOI-BOC MOU on Investment Promotion signed on Jan. 4 in Beijing at the sidelines of the Presidential Visit to China earlier this year.

Xinquan led the delegation comprised of more than 70 Chinese businessmen who are into engineering and construction, finance, trade, telecom, energy, agriculture, and manufacturing industries.

Minister Counselor Yang Guoliang of the Embassy of the People’s Republic of China in the Philippines also graced the event.

“China has been the Philippine’s largest trade partner and export market. The ratification of the Regional Comprehensive Economic Partnership (RCEP), which is by far the world’s largest foreign trade agreement, signifies a stronger economic tie between the Philippines and China. It is my firm belief that RCEP will facilitate the creation of more jobs and promote faster economic recovery,” Guoliang said.

Trade Undersecretary and BOI managing head Ceferino Rodolfo emphasized the robust opportunities in the renewable energy (RE) sector in the Philippines.

“We are not blessed with fossil fuel but we have an abundance of green metals. We are currently the no. 1 exporter of nickel direct shipping ore in the world, with 22 producing nickel mines in 2021. This opens up opportunities for mineral processing and battery manufacturing, in support of the electronic vehicle global supply chain,” Rodolfo said.

“We are actively trying to attract Chinese companies to look at the country and help us further process our nickel, as well as further add economic value to the resources that we have in the Philippines,” he added.

Rodolfo shared that a Chinese manufacturing company, renowned for its services in the RE sector, intends to broaden its operations by establishing a new facility in the Philippines.

Rodolfo added that this expansion is aimed at meeting the increasing demands in both the Chinese and Philippine markets. Currently, the company boasts seven well-established facilities in China.

Meanwhile, the event was supported by informative presentations from Energy  Assistant Secretary Mylene Capongcol, BOI Director Raquel Echague and Public-Private Partnership Center Project Development Service Chief Kristina Azela Diza, demonstrating the government’s dedication to promoting economic development and creating an environment favorable to foreign enterprises.

“This further strengthened the Philippines’ appeal to Chinese companies, seeing that their business objectives fit suitably with investment opportunities in the country,” the BOI said.