China petrochemical giant eyes $1 billion plant in Mindanao

MANILA, Philippines — One of China’s biggest petrochemical firms is looking to invest $1 billion to set up operations in the country, an official of the Board of Investments (BOI) said.

BOI governor Napoleon Concepcion told reporters a Chinese petrochemical firm has expressed interest to invest in the country, particularly in Mindanao.

He declined to name the firm, but said it is the sixth biggest petrochemical player in China.

“They’re really interested. They asked us for details. They made one visit last year…They came back this year... They’re really coming,” he said.

For its initial operations, he said the firm is looking for 300 hectares for a petrochemical plant.

Should the initial operations be successful, the firm would want to expand further.

“If they are successful, they said 2,000 hectares will not be enough,” Concepcion said.

He said the investment, if it pushes through, would create some 3,000 jobs.

Apart from the petrochemical firm, Concepcion said there are other firms which have expressed interest to invest in Mindanao.

Among these firms is logistics firm CWT, which is interested to bring its technology to the country.

Concepcion said the government wants to attract more investments in the country, particularly in Mindanao.

This, as there are available opportunities in Mindanao, and investments would help create employment and promote the development of the area.