Duterte’s China pivot bears fruit: Chinese steelmaker, shipbuilder to pour in $4.5B to PH
Two Chinese companies are scouting a location in the Philippines to build their steel manufacturing and shipbuilding and ship repair (SBSR) facilities here, Department of Trade and Industry (DTI) Secretary Ramon Lopez said.
Lopez said Monday that he met with steel manufacturer Huili Investment Fund Management Co., Ltd. and Yi Ding Tai International Corp. early this month to gauge their interest in the country.
The two companies visited the country last March and submitted to the Board of Investments (BOI) their letters of intent to operate here.
The Beijing-based private equity firm Huili Fund is targeting to invest $3 billion for a two-phase integrated steel manufacturing facility that will employ 6,000 personnel by 2022.
The first phase of the project will involve production of billets as well as long and flat products.
“Producing the steel here will be favorable to both parties as it will generate jobs for Filipinos and be cost-effective for the company. This complements our drive to provide opportunities to uplift the lives of those at the bottom of the pyramid as we take a step forward to inclusivity and shared prosperity for all,” Lopez said.
He added that the project will complement the country’s Manufacturing Resurgence Program with the knowledge-sharing of advanced technological know-how on steel production from the company.
On the other hand, Yi Ding Tai eyes $1.5-billion SBSR facility in the Philippines.
The project aims to employ 2,000 people by 2022.
It targets to service the frontier-island, 15,000-deadweight ton regional size vessels, and provide advanced ship and vessels designing, repair, manufacturing, sales, and financial support. (PNA)