Chinese companies have committed to invest P4.59 billion in economic zones in various manufacturing activities.
Reporting on the outcome of its first investment mission to China this year, the Philippine Economic Zone Authority (PEZA) in a report said it has secured foreign direct investments from existing Chinese locators which are expanding operations. The projects will be filed for registration this year.
PEZA said C&U, the largest bearing producer in China and one of the top 8 bearing manufacturers worldwide, is investing P2.72 billion for the construction of a new building and production line to increase its daily output for industrial bearings to total 500,000 pieces from the current 200,000 pieces.
PEZA said Bocheng will put in P700 million for the construction of a three -storey, 30,000-square meter (sq.m.) gross floor area building for its production of plastic injection moldings at the LIMA Estate.
Huading, meanwhile, will invest P1 billion for an additional 1.3- hectare production facility at the Suntrust Ecotown Tanza. Huading is a manufacturer of quartz and artificial stone.
PEZA said Tide Solar is spending $3 million for the construction of another solar panel manufacturing facility in ANFLO Industrial Estate, in addition to its exiting $7 million facility in LIMA Estate.
The PEZA report said Boamax will increase its production capacity with the relocation of its electric vehicle (EV) battery charging pile equipment manufacturing from China to the Philippines.
Boamax is into design and manufacture of precision sheet metal structure for intelligent equipment, solar photovoltaic, inverter and battery storage.
Mass Power, which is into digital energy, industrial power, consumer power products and research and development, will construct a four-storey building over a 4,500 sq.m. lot at the First Cavite Industrial Estate.
The investment cost of the last two projects was not disclosed.
PEZA also generated FDI leads from medium-sized companies: GNK (tooling), Binsen Herr (mechanical PC keyboard), Helioway (motor components), Huayu Precision (plastic injection/stamping), Mankun Technology (electronics), Jenshan Precision (electronics), Apeman innovations (electronics), Huiye (power transformers), Dongguan Eswin Technology (electronics), Huide (electronics), and Ebfec (e-bike manufacturing for export to the US).
During the mission held September 5 to 10, PEZA conducted an investment forum in Shanghai and Dongguan in Guangdong province.
PEZA also visited its leading Chinese locators.
PEZA also participated in the 24th China International Fair for Investment and Trade in Xiamen, a global platform for investments and cooperation. Business-to-business sessions were attended by representatives from Fujian Fuchuan Yifan New Energy Equipment (windmill power equipment), SciTech Pharma (AI/R&D for cancer medicine) and Xiduoduo Group Co., Ltd (coconut processing), and six more companies into green ores processing, automotive manufacturing and e-commerce.
