NextGen Day

Marcos receives $23 billion in investment commitments on his visit to Beijing.

Chinese corporations have committed $22.8 billion in investments as a result of President Ferdinand R. Marcos Jr.’s state visit to Beijing.

President Marcos met with Chinese CEOs from a range of industries at a roundtable discussion on Thursday, according to Malacanang Palace, where they discussed their plans to develop and invest in the Philippines.

With pledges totaling USD13.76 billion, the majority of these investment commitments secured at the summit will be in renewable energy.

A total of USD7.32 billion in investments in strategic manufacturing, including electric vehicles (EVs) and mineral processing, as well as USD1.72 billion in agribusiness, are also being considered by Chinese investors.

Marcos assured the Chinese business community that his government was dedicated to assisting with their operations there.

The third quarter of 2022—the first three months of his administration—saw a 7.6 percent increase in the gross domestic product (GDP), indicating that the Philippines’ economic fundamentals are still solid and have been getting better.

Chinese businesses are interested in solar and wind energy projects as well as the production of equipment such as wind turbine generation towers, foundations, blades, and other wind turbine parts.

He noted that the rising power demand in the Philippines makes it feasible for Chinese businesses to invest in the country’s energy sector, saying, “We look forward to more Chinese investments in renewable energy pursuits such as in solar and wind, as well as in related sectors including battery energy storage systems and off-grid power supply systems.”

As his office works to publish an executive order to encourage more foreign investment in offshore wind projects, Marcos said Chinese investors may look into the potential in onshore and offshore wind projects.

The Department of Energy (DOE) granted 42 offshore wind service contracts in November 2022, totaling 31.5 gigawatts in installed capacity.

The Chief Executive also invited Chinese investors to take advantage of waste-to-energy and other renewable energy project prospects in the Philippines.

The President invited Chinese companies to investigate opportunities in the nation’s EV industry and mineral processing for the production of EV parts and components like batteries as the Marcos administration is dedicated to contributing to the Paris Climate Agreement by switching to clean energy and reducing carbon emissions.

He also pushed for financial collaboration on green development in technical platforms like incubators, innovation centers, and research and development centers.

Marcos has welcomed Chinese investors’ interest in the nation’s agriculture industry.

The development of durian production, processing, and marketing, as well as the use of alternative green technology for animal feeds and other agriculturally related products, were among the investment agreements made in the agribusiness sector.

In order to guarantee a sustainable supply of agricultural inputs, particularly fertilizers, the Philippines and China also signed two agreements.

The cost of agricultural products rose last year as a result of rising fertilizer prices.

The President’s travel to China, according to earlier comments from Trade Secretary Alfredo Pascual, aims to build on the nation’s export successes and further solidify its commercial ties with the largest market in the world.

Electronic equipment, electrical machinery, metals, optical goods, timepieces, and medical instruments, together with fruits, motor vehicle parts, processed or preserved food products, fish, and shellfish, are among the industries having the greatest export potential to China, according to Pascual.

The Philippine Statistic Authority (PSA) estimates that from January to October 2022, bilateral commerce between the Philippines and China totaled USD 32.4 billion.

One of the main trading partners for the nation is China.

In the first ten months of 2022, exports to China totaled $9.1 billion while imports totaled $23.3 billion.

Additionally, according to PSA data, China’s primary investment promotion agencies only received approval for a total of PHP1.17 billion in approved investments from January through September of last year (USD20.96 million).

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