Chinese firms scout Phl prospects in Cebu summit

MANILA, Philippines - More Chinese companies want to take part in the country’s growing economy as close to 100 investors will participate in the 12th ASEAN Finance Ministers’ Investors Seminar in Cebu this week to scout for opportunities in the Philippine infrastructure, manufacturing, insurance and e-commerce sectors.

The original commitment was for 150 Chinese investors to participate in the event but schedule, transportation and accommodation problems trimmed the number to 95, according to Bank of China (BOC) country head Deng Jun.

BOC, the fourth largest bank in the world, was invited by the Department of Finance to attend and bring its clients to the ASEAN Finance Ministers’ Investors Seminar.

Deng said 70 percent of the potential Chinese investors are corporates involved in various industries while 30 percent are into finance, including 13 fund managers with $40 billion worth of total assets under management.

“We will like to take this opportunity to promote the ASEAN countries as an attractive destination and also support the economy of ASEAN,” Deng said in a briefing yesterday.

“This is also a good time for the Chinese investors and companies to know the Philippines,” he added.

According to Deng, most of the 95 participating investors are part of big Chinese private companies and state-owned corporations which have no presence yet in the Philippines.

“Obviously they would want to invest in the Philippines, especially if you see the GDP growth rate of the country which is the highest in ASEAN. In terms of infrastructure development, there is also a great opportunity here and also e-commerce is a booming market here,” he said.

“So this is a great opportunity for the Chinese investors to do business in the Philippines. Business is business and obviously, they want to make money by doing business with Filipino companies, not only for trade but also for investment,” Deng added.