Malacañan Palace said Thursday President Marcos had a roundtable discussion with Chinese chief executive officers (CEOs) from various sectors, where they expressed their intentions to invest and expand in the Philippines.
Chinese investors are also eyeing a total of USD7.32 billion in investments in strategic manufacturing, including electric vehicles (EVs) and mineral processing, as well as USD1.72 billion in agribusiness.
He added the Philippines’ economic fundamentals remain strong and have been steadily improving, with gross domestic product (GDP) growth in the third quarter of 2022 —the first three months of his administration— stood at 7.6 percent.
“We look forward to more Chinese investments in renewable energy pursuits such as in solar and wind, as well as in related sectors including battery energy storage systems and off-grid power supply systems,” he said, noting that the growing power demand in the Philippines make it viable for Chinese businesses to invest in the country’s energy sector.
In November 2022, the Department of Energy (DOE) awarded 42 offshore wind service contracts with a projected installed capacity of 31.5 gigawatts.
As the Marcos administration is committed to contribute to the Paris Climate Agreement by shifting to clean energy and reduction of carbon emissions, the President invited Chinese businesses to explore opportunities in the country’s EV industry and mineral processing for the manufacturing of EV parts and components like batteries.
Marcos has welcomed the interest of Chinese investors in the country’s agriculture sector.
The Philippines and China also forged two agreements in ensuring a sustainable supply of agriculture inputs, particularly fertilizers.
Earlier, Trade Secretary Alfredo Pascual said the President’s visit to China targets to build on the country’s export gains and further strengthen its economic relations with the world’s largest market.
According to the Philippine Statistic Authority (PSA), bilateral trade between the Philippines and China from January to October 2022 stood at USD32.4 billion.
Exports to China in the first 10 months of 2022 amounted to USD9.1 billion while imports reached USD23.3 billion.
Credit belongs to: www.pna.gov.ph