Chinese companies remain upbeat about investing in the Philippines with a 30-man delegation recently in the country to scout for opportunities, the Board of Investments said on Friday.
The Chinese delegation, led by Director Wang Kewen of the China Overseas Development Association (CODA), was said to be interested in the infrastructure, energy, industrial parks and building materials sectors.
“One of the highlights of the investment mission was the signing of a letter of intent by Sun Zhongdi, chairman of Zhongjiaotongli Construction Co., Ltd. who is interested to invest $400 million on a Davao infrastructure project,” the BoI said in a statement.
President Rodrigo Duterte’s pivot to China has resulted in renewed interest from Chinese companies. Last month, the Philippines was able to secure $9.8 billion in investment pledges from Chinese companies at the sidelines of the Boao Forum that Duterte attened.
The pledges cover the areas of construction, electronics, agriculture, tourism and pharmaceuticals and are expected to generate an estimated 10,800 jobs.
“Investments are important in bringing more job opportunities for all Filipinos. Our bilateral cooperation with China continues to deepen and strengthen. We have agreed to discuss cooperation plans for the next five or even up to 10 years to move forward in specific fields,” Duterte has said.