RP courts COSCO anew

The Philippines is courting Chinese shipping firm China Ocean Shipping Co. (COSCO) anew to invest in the Philippines and make the country its logistics hub in the region.

“I will invite them for another visit,” Ambassador Francis Chua, special envoy on China trade and investments told reporters yesterday.

The investment of COSCO is expected to make the Philippines a maritime power in the region. The project has been delayed as a result of the cancellation of the controversial broadband deal between the Philippine government and Chinese firm ZTE Corp. last year.

The COSCO investment was first made public in May last year.

COSCO is looking at locating either in Sangley Point or in Subic Bay Freeport Zone beside Korean investor Hanjin.

Chua surmised that COSCO may be partial to investing in Subic because “Cavite is too congested.”

However, Chua said should the Chinese insist on investing in Cavite, he said it is still possible because the area is good for reclamation.

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.”

“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.