DTI chief engages with Chinese investors, pushes implementation of iron processing plant
Trade Secretary Ramon M. Lopez
TO ensure the implementation of the iron processing plant project signed during the recent Presidential visit to China in April, Trade Secretary Ramon M. Lopez engaged with Chinese investor group to discuss the details of their expansions, as well as the menu of incentives provided by the Philippine government.
In his business meeting with Xiamen C&D Inc. executives led by Vice President Dongxu Chen, C&D Logistics Group Co. Ltd. General Manager Yueha Chen, and MinaVida de Mindanao Corp. (MMC) officers headed by Chairman Alex Fu on June 18, 2019, Lopez relayed that the commencement of signed projects sends a strong signal in the deepening relationship between the Philippines and China.
“President Duterte and his administration are supportive of investment projects that have high impact in improving the lives of Filipinos, providing jobs and opportunities especially those at the bottom of the pyramid. We are optimistic of our stronger relationship with China following the big-ticket projects in infrastructure, manufacturing and energy,” Lopez said.
Xiamen C&D has presence in the Philippines’s renewable-energy industry through their local partners Pulangi Hydro Power Corp. (PHPC) and Liangan Power Corp. Last April, they signed a $50 million worth of investment on iron processing plant in Agusan del Norte together with Fu Properties Inc. and their Filipino partner Adnama Mining Resource Inc. The investment covered construction, operation, marketing, as well as management of the plant.
Xiamen C&D is a renowned supply-chain operator in China and has “AAA” level credit standing enterprise rating. It also ranked 39th among their country’s Top500. C&D Logistics Group Co. Ltd., China’s top 100 logistics enterprise, handles the marketing and chartering support for the operations of MMC. “This is the best time to increase your investments in the Philippines. Apart from the strong macroeconomic fundamentals, we have initiated various policy and economic reforms to attract more investors that will partner with us,” the trade chief added.
PHPC is the group that recently started the 250-megawatts Pulangi hydropower plant in Bukidnon.
MMC is involve in a large-scale nickel project with substantial high-grade mineral reserves and integrated metallurgical operations in Languyan, Tawi-Tawi.
Meanwhile, Chen commended the Philippines’s good business environment and expressed their strong confidence in the country’s economy. He, likewise, committed to start their project immediately. Fu also relayed their company’s intention to continue doing business in the country and grow their operations in real estate, mining, as well as hydropower.
Source: Business Mirror