3 Chinese groups eye investments in RP

MANILA, Philippines – Three Chinese business delegations will visit the Philippines during the early part of next year to explore investment opportunities in the country.

Board of Investments (BOI) managing head Cristino L. Panlilio said that the Chinese are keen on investing in various industries here. In fact, three different delegations will be coming during the first semester of next year.

A delegation from Wu Han province was in Manila last month to explore investment opportunities in mining and light industries.

Panlilio was recently in Shanghai and three provinces including Ziang Zou, Zi Zhiang and Wu Xi City wherein he met with representatives from 20 Chinese firms.

“The Chinese are very bullish on foreign direct investments,” Panlilio noted.

“The interest range from solar energy to car and truck manufactures to the manufacture of beverage and dairy products.”

Earlier, Panlilio said that China’s richest man is interested in investing P1 billion in the Philippines for a 6,000-hectare sugar plantation possibly in Pampanga.

Panlilio announced that while he was in Shanghai he met with Zong Qing Hou, chairman and general manager of the Hangzhou Wahaha Group Co. Ltd.

“I spoke with Mr. Zong and he was just waiting for the new government to settle down. They are interested in mining and agriculture,” Panlilio reported.

For agriculture, Panlilio said that Wahaha would like to source their sugar from the Philippines. Wahaha is the leading beverage maker in China. It consumes as much as 300,000 tons of sugar annually.

This represents 13.6 percent of the Philippines’ 2.2 million metric ton yearly production of sugar.

Panlilio, who worked for the sugar milling and refinery firm PASUDECO Group, said they will help Wahaha hook up with a viable Filipino partner.

“Wahaha is looking for a right partner,” Panlilio said. “They want a joint venture with a Filipino group.” He noted that possible partners for the group are the Central Azukarrera de Tarlac and the Escaler’s PASUDECO Group.

Panlilio said he has volunteered all the abandoned sugar land in Pampanga and Tarlac. Panlilio estimated that the Wahaha group may need as much as 6,000 hectares.

Panlilio explained that there are a number of abandoned sugar lands in Pampanga because of the land reform program.

He said it was not viable for sugar to be planted by people who have limited capital because it takes nine months.