Chinese industrial bearing manufacturer C&U is set to invest $150 million (approximately P8.5 billion) to build a cutting-edge production facility in the Philippines.
This commitment was formalized during a recent high-profile investment mission to Beijing led by the Philippine Economic Zone Authority (PEZA), held between September 27 and 29.
In a social media update shared Monday evening, PEZA chief Tereso Panga announced that C&U’s move marks one of the significant undertakings by Chinese enterprises in the near and medium term.
The investment mission also drew participation from a cadre of distinguished Chinese firms, including heavyweight names like China Datang Corp., CSI Interfusion, Inc. (a software developer), SteelAsia (an integrated steel manufacturer), BaoWu, CBME (a construction materials manufacturer), Rockcheck Tewoo Corp. (specializing in hydrogen transport and mineral processing), Min Heng Group (engaged in food processing and cold storage), and Zhejiang Hangli Intelligent Equipment Co. (focusing on farm equipment and agri-tech products).
Panga said the Philippine government agencies seized the opportunity to hold high-stakes meetings with industry giants such as Huawei Technologies, Geely International, ZTE Corp., FiberHome, Sinovac Biotech, Shandong Energy, Beijing Anguangchang Technology, BGRIMM Technology Group, and Qingdao Hengshun Zhongsheng Group.
As of May 2023, PEZA stands as the home to 164 Chinese locator companies, collectively injecting P25.82 billion in investments and employing a workforce of 16,221.
These companies have also been pivotal in driving exports, generating $90.34 million.
For 2023 and 2024, China, Taiwan, and Hong Kong have been earmarked as prime targets for economic zones and foreign direct investment inflows.
In light of this, PEZA has mapped out its forthcoming investment missions, which are slated to encompass key destinations like Taipei, Xiamen, Dongguan, Shanghai, Hunan, and Chongqing.