Chinese companies to invest US$4.5b in the Philippines: media

The Philippine Star newspaper reported on Oct. 24 that the Philippine government released the plans of two Chinese companies to invest US$4.5 billion in steel and ship building projects, which will create 8,000 jobs.

HuiLi Fund and Yidingtai International have already submitted their investment plans, which had been approved by the Commerce Ministry of China, to the investment committee of the Philippines.

HuiLi Fund intends to build a world-class steel factory, which will employ 6,000 locals by 2022. The project is currently under feasibility studies.

The Philippine Department of Trade and Industry Secretary Ramon M. Lopez said that this will be win-win cooperation, as it will create jobs for local inhabitants and Chinese companies can enjoy low production costs.

Lopez stressed that the Chinese enterprise will share its technology with the Philippines, which will contribute to the rejuvenation of the manufacturing industry.

The Philippines plans to become a key producer of high-level steel products by 2030.