Chinese firms eye opportunities in Philippines

MANILA, Philippines — Chinese firms continue to look at the country’s investment potential as companies from Jiangsu province recently expressed optimism for business opportunities in the country, according to the Board of Investments (BOI).

The investment promotion agency said this interest was expressed during a meeting between Jiangsu firms and Philippine trade and investment officials.

The BOI said Its executive director Evariste Cagatan met with the China Council for the Promotion of International Trade (CCPIT) Jiangsu Sub-Council vice chairman Cong Sufeng.

“Both sides agreed that the Philippines could expand their bilateral trade based on the existing and projected demand and supply capacities,” the BOI said.

“Philippine trade and investment officials said that opportunities for Chinese investments are in the renewable energy, automotive, EV battery manufacturing and green metals, and electronics manufacturing industries,” it said.

Apart from the Jiangsu firms, a Chinese firm recently expressed interest to expand its facilities in the country. Last month, the BOI said Chinese firm Shenzhen Grandsun is keen on expanding its presence in the Philippines as it plans to add two more facilities by 2025.

The BOI earlier said that the Guangdong-based electronics company – which produces headphones, bluetooth speakers, drivers, and other related intelligent devices -- is proceeding with the second phase of its expansion project in the Philippines.

It shared that Trade Undersecretary and BOI managing head Ceferino Rodolfo recently met with Shenzhen Grandsun chairman and founder Charles Wu in Zhaoqing City.

During the meeting between the Grandsun top executives and the BOI, Wu confirmed that Grandsun Advanced Electronics (Philippines) Co. Inc., which began its audio devices (headphones) production facility at the Lima estate in Batangas is now running full blast.

It said the two new factories are expected to house additional production facilities that will be tapped for the additional production for the US and European markets of original equipment manufacturer (OEM) and house-brands of Shenzhen Grandsun’s speakers.

Philippine Trade and Investment Center in Guangzhou Commercial Consul Froilan Emil Pamintuan said last month that by the end of the year, the company’s total investments in the country would reach P3 billion, with a projected 1,000 employees with four audio devices production facilities.

“By 2025, they are expecting two new factories. This will be on top of the P3 billion,” Pamintuan said, adding that the company did not yet publicly disclose the running amount for the end of 2025.

Trade Undersecretary and Board of Investments managing head Ceferino Rodolfo also shared last month that a state-owned Chinese firm involved in renewable energy projects is exploring business opportunities in the Philippines.

He said they met with a state-owned company that has dedicated funds for projects in Southeast Asia on the sidelines of the China ASEAN Expo (CAEXPO).