Cosco still keen on RP – Favila

The China Ocean Shipping Co. (COSCO) has not lost interest in investing billions of dollars in the Philippines, Trade Secretary Peter B. Favila said.

“COSCO is still interested to make the Philippines as its logistics hub in the region,” Favila said.

Favila was reacting to earlier reports that Cosco, which earlier proposed to invest $5 billion for a port in Sangley Point, will no longer invest their money in the country.

In November, Ambassador Francis, Chua special envoy on China trade and investments, said the project, which is expected to make the country a maritime power in the region, has been delayed as a result of the cancellation of the controversial broadband deal between the Philippine government and Chinese firm ZTE Corp.

Favila himself admitted that COSCO has not been in contact with him for months.

When asked if this is enough indication that COSCO has lost interest in investing in the country, Favila said “let me put it this way, all businessmen who would like to invest here talk to me constantly.”

The COSCO investment was first made public in May.

Initially, Cosco wanted to construct a modern port at the Navy headquarters in Cavite. Its initial plans include the development of a 250-hectare land in Sangley Point where they would put up a “marine school to train maritime sailors.”

“They will be using the Philippines as a hub for shipment to Europe and America, so all cargo from Asia will come to the Philippines, using the Philippines as a staging point to go to US, North America, Europe and vice versa,” Chua said.

He added that Cosco’s facility is expected to generate about 100,000 jobs, particularly for the country’s seafarers.

Founded in 1961 as the pioneer international shipping carrier in China, Cosco has grown into a $17-billion global company. It owns and operates 600 various types of ships operating in 1,300 ports in more than 160 countries and regions worldwide.