FIVE companies from Xiamen in southern China have expressed interest in investing in Philippine electric vehicle (EV) manufacturing, infrastructure, green metals, and mining projects, the Board of Investments (BoI) said.
In a statement on Tuesday, the BoI said that the companies indicated their interest in investing in the Philippines during a roundtable meeting in Xiamen last month.
A roundtable was also conducted in Beijing in conjunction with the ASEAN-China Center, the Power Battery Applications Committee of China Industrial Association of Power Sources, the China Overseas Development Association, and the RCEP Industry Cooperation Committee.
The BoI led a six-day investment promotion roadshow in China to attract investment that it hopes will position the Philippines as a regional hub for smart and sustainable manufacturing.
“Throughout the six days of the Investment Promotion Roadshow, we generated significant interest from various sectors,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo.
“Events like this showcase the Philippines’ proposition as the regional hub for smart and sustainable manufacturing and services industries that will ultimately generate green and sustainable jobs,” he added.
The BoI led the delegation at the 2024 China International Fair for Investment and Trade (CIFIT), which was focused on international investment promotion and economic and technological cooperation.
“For this year’s CIFIT, the Philippines highlighted the country’s investment promotion strategy and advantages as an investment destination for Chinese enterprises,” said the BoI.
“From Sept. 8 to 11, the Philippine booth saw a significant stream of visitors with business interests in renewable energy, new energy vehicles, food manufacturing, solar photovoltaic manufacturing, and trading activities,” it added.
Throughout the mission, the BoI and the Philippine Trade and Investment Center in China engaged with a total of 21 companies in renewable energy equipment manufacturing, EV manufacturing, and agribusiness.
So far this year, China was the 7th largest investment source for the BoI. It accounted for P1 billion of the investment approvals in the nine months to September, up 237% from a year earlier. — Justine Irish D. Tabile