Five Chinese companies to invest USD 10 billion in the Philippines

Five Chinese companies confirm USD 10b investment plan in the Philippines. [Photo: flw.ph]

Five Chinese companies plan to invest over 10 billion US dollars in the Philippines and create 15,000 jobs, according to Manila Bulletin, reported by Chinanews.com on Monday.

The five companies are AVIC International Holding Corporation, Liaoning Baolai Enterprise Group, Huili Investment Fund Management Co., Ltd., Dalian WanYang Heavy Industries Co., Ltd. and Yi Ding Tai International Group.

Among the five companies, Liaoning Baolai and Huili Investment are each going to invest 3 billion US dollars.

Liaoning Baolai plans to build and run the downstream facilities for an oil project, including the retail network, an oil storage terminal, a refinery and related businesses. The whole project is expected to provide 3,000 job opportunities.

Huili Investment plans to build a world class steel plant and create 6,000 job opportunities in the Philippines.

Dalian WanYang plans to spend 2.8 billion US dollars setting up a waste-to-energy project in Manila, which will convert 4,000 to 5,000 tons of waste into 312 megawatts of electricity and create 4,500 job opportunities.

Yi Ding Tai plans to spend 1.5 billion US dollars in the Philippines on ship building and repair facilities and, and help create 2,000 job opportunities.

Investment details in the Philippines by AVIC International have not yet been disclosed.