Chinese investors to pour over $1B in Visayas
CEBU CITY - A group of Chinese investors is set to pour in $1.38 billion worth of investments in the Visayas.
Kai Yiao Sheng, chairman of the Anhui Shengyun Environment-protection Group Co., Ltd., said this is their response to the initiative of “One Belt and One Road” and the revival of the Maritime Silk Road of the Chinese government under President Xi Jinping.
According to the Philippine News Agency, Xi has described this initiative as a “bridge for peace, a road to prosperity, a way to boost inclusive growth and balanced development and to promote equality”.
In a statement read by Sheng, he said that among the projects that they intend to do include ecological projects for the people’s livelihood such as waste to energy power plants, biomass to energy power plants, urban sewage treatment projects and urban waste landfill treatment and rehabilitation projects, urban and rural water environment rehabilitation projects, ecological and cultural projects for tourism and the social housing projects for the police officers and military as well as for the low income people in certain cities.
Of the total amount, $550 million will be used for the municipal waste renewable energy power plants, which will be built in the Visayas; $100 million to be used in biomass renewable energy power plants; $110 million for the establishment of the waste water treatment plant; $220 million for the municipal sewage treatment plant; $100 million for the improvement of four existing landfills to reduce soil contamination and for soil remediation; and $300 million for the construction of roads, bridges, landscaping, utilities improvement, and other public facilities investment such as socialized housing.
“In spite of the challenging times happening in the Philippines, we are still very confident about the Philippines because of the brilliant, courageous, and justice leadership of President Duterte,” Sheng said.
The group intends to implement its investment plans this month and in July while they will start to bring in the funds by August.
Jonji Gonzales, chief of staff of the Office of the Presidential Assistant for the Visayas, said Sec. Michael Dino has earlier met with the group during Duterte’s State Visit to Beijing.
Prior to their announcement of their plans to invest here in thevisayas, the Chinese delegation visited Cebu on November 29 and December 4 last year.
They also signed a Framework Agreement with their Philippine counterparts. Also in December 2016, a Chinese technical delegation visited Cebu.
Last April 26 to 30, the company has completed the incorporation of their joint venture company in Cebu.
A capital of $200,000 was paid up and deposited in a bank in Cebu City. The joint venture company was named Sinophile Shengyun Management Inc.
The group also met with Duterte during his visit to Cebu recently to inform him of the developments here.
Meanwhile, the group donated P5 million to the victims of Marawi City as a way to show their sympathy amid the ongoing conflict in the area.
Gonzales said the donation was coursed through the Sacred Heart School for Boys Batch ’85, where Dino is a member.
Sheng said they leave the discretion on what to do with the donation to the recipients.