Philippine Economic Zone Authority (PEZA) Director General Tereso Panga said C&U, a Chinese manufacturer of industrial bearing, is investing USD150 million (PHP8.5 billion) in the country.
This was committed to the PEZA chief during the investment mission of the agency to Beijing from Sept. 27 to 29.
“For C&U, they will invest USD150 million for its 4-hectare new production facility,” Panga said in his Facebook post Monday evening.
Panga said C&U’s expansion in the Philippines is one of the big-ticket expansion projects from Chinese firms in the near to medium-term. The other one is Panhua Group’s steel manufacturing operations here.
Asked for further details regarding the investment plan of C&U, the PEZA chief has yet to respond.
C&U and Panhua participated in the business-to-business session during the Philippine investment mission in the Chinese capital.
Other firms include power generation firm China Datang Corp., software developer CSI Interfusion, Inc., integrated steel manufacturing SteelAsia and BaoWu, construction materials manufacturer CBME, hydrogen transport and mineral processing firm Rockcheck Tewoo Corp., food processing and cold storage firm Min Heng Group, and farm equipment and agri-tech products manufacturer Zhejiang Hangli Intelligent Equipment Co.
Panga added that Philippine government agencies also met with some big Chinese companies, including Huawei Technologies, Geely International, ZTE Corp., FiberHome, Sinovac Biotech, Shandong Energy, Beijing Anguangchang Technology, BGRIMM Technology Group, and Qingdao Hengshun Zhongsheng Group.
“As of May 2023, PEZA is home to 164 Chinese locator companies with PHP25.822 billion of investments and 16,221 workers. These companies gained USD90.341 million of exports from January to March this year,” he said.
The PEZA chief added the investment promotion agency is counting on China, Taiwan and Hong Kong as among the “best bets” for economic zone and foreign direct investment sources for 2023 and 2024, as PEZA programmed the next investment missions in Taipei, Xiamen, Dongguan, Shanghai, Hunan and Chongqing. (PNA)