5 first-time...
company of Dalian Wanyang Heavy Industries Co., Ltd. also chose the Philippines as location for its shipbuilding and ship repair facility. YTD plans to produce frontierisland, regional size vessels with 15,000 deadweight tons and below. It is currency engaged in advanced ship/vessel designing, manufacture, repair, sales and financial support. YDT is conducting feasibility studies in partnership with a local firm for the ship building and repair facility with estimated investment of $1.5 billion with possible employment of at least 2,000 by 2022. Initial result of the study is due this month, March.
Huili Investment Fund Management Co., Ltd. is setting up a world-class integrated steel mill, sharing its advance technological know-how in support of the Philippines’ bid to be a major producer of high-quality and safe steel products by 2030. The company intends to partner with the Philippine government and private sector entities to implement a two-phased project to realize a production output of 3 million metric tons of rolled steel worth $3 billion and employing at least 6,000 by 2022. The firm intends to engage and train Filipinos to become specialists in the operation and management of the integrated steel mill.
The envisioned integrated steel manufacturing facility may source its raw ore materials from the local market if there is available supply or import from Australia or Brazil. Its local affiliate in China has been manufacturing long and flat steel products.
Rodolfo noted that the five project proponents are first time investors in the country and encouraged by their government’s recent friendly overtones with the Philippines after President Duterte’s visit to Beijing last year. The influx of Chinese business interest in the country is seen as part of Beijing effort to reward the Philippines for its less contentious approach in their territorial dispute.
The potential investments from these five projects alone already dwarfed the approved R1.52-billion investments from China generated by the country’s investments promotion agencies in 2016.
China continued to be one of the country’s biggest trading partners. Data from the Philippine Statistics Authority (PSA) showed that bilateral trade between the Philippines and China reached $21.2 billion in 2016, accounting for 15.4 percent of the country’s total trade. Export output to China reached $6.2 billion while imports recorded $15.2 billion, the largest among all countries.