Chinese companies will invest US$2 billion to build an industrial park in the Philippines
A Chinese company will invest US$2 billion to build an industrial park at Clark Air Base (the former US military base in the Philippines). One of the most obvious signs of increasing abandonment to the United States and pro-China.
This planned new project will become one of China’s largest investment projects in the Philippines. It is also a US$180 billion “Build Build Build” project launched by Duterte to revitalize the Philippines’ infrastructure. ) One of the biggest projects in the plan. This incident coincided with Chinese President Xi Jinping's visit to the Philippines this week. This is the first state visit of a Chinese leader to the Philippines since the *** visit to the Philippines in 2005.
Vicencio Dizon, director of the Bases Conversion and Development Authority of the Philippines, said that this week will work with China Gezhouba Group on the development of 500 hectares of land for Chinese science and technology. Signed a memorandum of understanding with projects used by manufacturing companies. The Philippine government is seeking to develop Northwest Manila into a new commercial center.
"This is likely to become one of China's largest investment projects in the Philippines," Disson said. "What we are talking about is that once these industrial companies settle in, it will bring thousands of jobs."
A senior manager of the Gezhouba Group confirmed that the company has "determined (investment) intent and framework," but added that the company is currently awaiting formal feedback from the Philippines.
"With this high-level official visit, we hope to advance cooperation with the Philippine Base Conversion and Development Authority," this person said, "but this matter is still in the stage of commercial secrets, and the specific information must be announced by the listed company."
The Gezhouba Group is not the first company to make a big move in the Philippines in recent months. The consortium formed by China Telecom and Udenna Corporation has become the third temporary bidder for the Philippine telecom operator license.
During Duterte's visit to China in 2016, the Philippines and China reached agreements on railways, ports and other infrastructure projects worth US$15 billion. However, these projects have not been implemented for a long time, and the net foreign investment from China to the Philippines in the first half of this year totaled approximately US$180 million.
Jay Batongbacal, director of the Institute for Maritime Affairs and Law of the Sea at the University of the Philippines, said the agreements would tilt the balance to Beijing. "They have given China a huge economic and political influence over the Philippines. As a result, it will be difficult for any future government to make decisions completely independently without being influenced by China." However, Disson downplayed The geopolitical background of China's participation in these projects. He said: "I don't know what these criticisms mean, but investment is investment."