Chinese businessmen show interest in Phl

MANILA, Philippines - Chinese businesses have expressed interest in investing in the mining energy, agriculture, services, tourism and education sectors in the Philippines because of rising manufacturing cost, according to the Philippine Chamber of Commerce and Industry (PCCI).

In an interview on the sidelines of the 1st Philippines-China Trade and Investment Council Meeting held in Makati City yesterday, PCCI president Miguel Varela said that China’s rapid growth and emerging status as an economic superpower is pushing its strategic business sectors to forge relationships that would provide them a steady supply of raw materials that are not available or are expensive in China.

“Some businesses are even thinking of relocating here. The Philippines is a very good alternative because of proximity, cultural ties and availability of skilled and intelligent workers” said Varela.

He said that even with the political tension between the Philippines and China, Chinese investors continue to be interested in the Philippines.

“Despite the conflict, we will continue to make connections because these are business to business,” said Varela. “If they chose to invest here, we can help see to it that these businesses get settled without much bureaucracy,” said Varela.

In the energy and mining sectors, Varela said Chinese companies are eyeing the construction of power plants as well as the development of mining resources.

“Chinese businesses are now keenly observing the developments in the mining sector especially now with the issuance of the new mining policy,” he said adding “They have always been concerned with the lack of consistency between national and local laws and now that is being addressed.”

In the agriculture sector, Varela said Chinese businesses are  interested in production of vegetables and other high value crops like pineapples and mangoes to provide food sufficiency for its large population.

Varela said several Chinese companies are also eyeing investments in tourism through infrastructure and in education through the establishment of schools.

Other sectors of interest to Chinese businesses are import and export, services,  transportation, real estate, construction, and leather goods manufacturing

During the investment meeting, Trade Secretary Gregory Domingo said the Philippines and China could take advantage of each country’s fast economic growth.

He pointed out that the Philippine economy now has a “broad-based growth” as evidenced by a strong services sector and a growing agriculture sector.