RP can attract another big Chinese investor – Favila

The government is confident of securing another multi-billion dollar Chinese investment in April, a ranking official said.

“I will be meeting with big players in the region and there is a possibility I can secure another investment as big as COSCO (China Ocean Shipping Co),” Trade Secretary Peter B. Favila said in an interview.

Favila said he is confident of securing another investments for the Philippines during the Boao Forum for Asia (BFA) on April 11 to 13.

“I will be pushing for the businessmen to invest in our infrastructure because that is where we need private sector participation,” Favila said.

Favila said Chinese investors are eyeing the country’s mining and energy sector.

Favila said he was invited to speak during the three-day conference in China to discuss the ongoing negotiations for free trade within the region.

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. There will be a repairing ships and building ships.”

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.

It is one of the world’s argest shipping enterprises with China Ocean Shipping (Group) Co. as its core, operating three main units: China Ocean Shipping Agency, the biggest shipping agency in China; China Marine Bundier Supply Co; and China Road Transportation Co, the biggest trucking company in China.