January 2, 2024
MANILA – Chinese businesses are expected to continue investing in the Philippines despite the recent rise in tensions between the two countries, with one of the government’s prominent investment promotion agencies still looking at China as a major source of foreign capital.
Philippine Economic Zone Authority (Peza) Director General Tereso O. Panga said that they would continue to promote the country to Chinese investors despite the territorial row between Manila and Beijing.
“We know that it’s a cause for concern. But because we’re essentially into investment promotion, we don’t preoccupy ourselves with that,” Panga told reporters in a recent chance interview.
“In fact, our thinking (is that) we continue on talking to them. We’ve been getting Chinese delegations because that’s one way we can mitigate the impact and the ones coming here are also industry leaders in their own right,” he added.
The Peza chief said that a Chinese company and an American firm which are working together even applied with them to develop their own economic zone in the Philippines, suggesting that the ongoing rift between the countries is not enough to deter big-ticket investments.
Earlier in October 2023, Panga said they were looking to attract more investors from Taiwan and China, with plans to hold investment missions in Xiamen, Dongguan, Shanghai, Hunan and Chongqing.
As of May 2023, there were 164 Chinese companies located in the Philippines’ special economic zones under Peza, according to records from the investment promotion agency. INQ