September 25, 2023 | 12:00am
MANILA, Philippines — A state-owned Chinese firm involved in renewable energy projects is exploring business opportunities in the Philippines, according to Trade Undersecretary and Board of Investments (BOI) managing head Ceferino Rodolfo.
In a virtual media briefing, Rodolfo said his team had side meetings with two potential investors during a recent trip to China for the China ASEAN Expo (CAEXPO).
Rodolfo said they met with a state-owned company that has dedicated funds for projects in Southeast Asia. “They can allot $1 billion to $5 billion for the Philippines and they would like to invest the money into renewable energy projects,” he said.
While he declined to name the company, Rodolfo said the firm is the biggest in terms of renewable energy in China.
“They have been asking us for help to be introduced to Philippines companies that are also active in renewable energy projects,” Rodolfo said.
Apart from the state owned firm, Rodolfo said they also met with another Chinese firm involved in electronic products that is also exploring opportunities in the Philippines.
On top of the two side meetings, Rodolfo said they also traveled to Guangdong province to witness the inauguration of a facility of a Chinese firm, which already has a presence in the Philippines.
The Trade official said the company has already secured a five-hectare property in Batangas where they will put up a world class facility.
He said the company plans to replicate its China facility in the Philippines, as well as make the country its hub for research and development for their software.
The BOI earlier reported that Philippines generated an initial $8.68 million worth of sales from the CAEXPO 2023, driven by durian products, as well as calamansi juice and banana chips.
Rodolfo said 15 Philippine exhibitors joined the CAEXPO in Nanning, China from Sept. 16 to 19, which was led by the Center for International Trade Expositions and Missions (CITEM), the export promotions arm of the Department of Trade and Industry (DTI).
According to CITEM officer-in-charge for service business department Rowena Mendoza, the initial sales were only reports from eight Filipino exhibitors.
“Normally, based on our previous experience, some of the exporters and exhibitors still manage to declare some follow-through numbers because they’re still in the process of discussion with possible contacts. So it’s not far that a lot will still be added in the numbers because they are still talking, Philippine Trade and Investment Center in Guangzhou Commercial Consul Froilan Emil Pamintuan said.