Two Chinese companies plan to invest billions in the Philippines, according to the Board of Investments.
BOI managing director Ceferino Rodolfo said a state-owned Chinese firm, considered as the world’s biggest renewable energy player, sought the help of the agency to link them up with local counterparts that are also into renewable energy business.
“This company has a dedicated reserve fund for investing in Southeast Asia which is about $15 billion. We were under the impression that it is willing to invest as much as $5 billion for renewable projects in the Philippines,” Rodolfo said over the weekend.
Another Chinese firm also disclosed plans to put a world-class electronics assembly plant, said Rodolfo.
The Guangdong-based company plans to penetrate the Philippine market for electronics, but has yet to firm up its investment plans.
“Right now they are just renting, but they are serious enough to consider having assembly operations here,” Rodolfo said.
The company is renting a five-hectare property in Batangas where it plans to start assembly operations, he said.
Rodolfo said the company was also expanding in China. “That means it provides an opportunity for the Philippines to complement whatever facilities they have in China.”
“The plans for the Philippines is to replicate whatever it has in China in terms of world-class facilities. And one very important thing is that they can make the Philippines their hub for research and development for software,” he said.
The BOI met with representatives of the two companies at the sidelines of the China-ASEAN Exposition 2023 held in China.