The Philippine Economic Zone Authority (PEZA) has secured at least PHP4.6 billion of investment pledges from Chinese firms during its investment mission in Xiamen from Sep. 4 to 10.
In a social media post, PEZA Director General Tereso Panga said these commitments are expansion projects of existing Chinese registered business enterprises (RBEs) of the investment promotion agency.
Panga expects that these additional investments will apply for PEZA incentives within the year.
The biggest among the investment pledges came from industrial bearings manufacturer C&U, which eyes to pour in PHP2.72 billion for the construction of a new building and production line.
The investment will increase its daily output to 500,000 pieces from the current 200,000 pieces.
Huading Industries Corp., a manufacturer of quartz slab, is also planning to invest PHP1 billion to expand its production facility at the Suntrust Ecotown Tanza in Cavite by another 1.3 hectares.
Panga said Bo Cheng Rubber Philippines, Inc. eyes construction of a three-story building for production of plastic injection moldings at the LIMA Estate.
Tide Solar is also topping up USD3 million, or around PHP169 million, from its initial investments of USD7 million for a manufacturing facility of solar panels in Anflo Industrial Estate in Davao del Norte. This will be an additional factory to its facility in LIMA Estate.
Panga also shared that Mass Power plans to construct a four-story building at First Cavite Industrial Estate in Dasmariñas and Boamax, eyes to relocate its electric vehicle battery charging pile equipment manufacturing from China to the Philippines, and increase its production capacity here.
“For January to August 2024, PEZA approved a total PHP2.02 billion from the combined investments of Mainland China and Hong Kong, which is three times higher than the PHP769 million approved in the same period last year,” he said.
Currently, there are 189 Chinese RBEs in PEZA with combined investments amounting to PHP47.3 billion that created 46,501 jobs.
Panga attended the 24th China International Fair for Investment and Trade (CIFIT) in Xiamen with Trade Undersecretary Ceferino Rodolfo.
“This recent PEZA mission to China will reinforce Chinese investors’ serious interest to further invest in the Philippines,” Panga said. (PNA)
