NextGen Day

According to the Board of Investments (BOI), 70 company executives from China recently visited the nation to look into investment potential.

The Bank of China (BOC) national head for the Philippines and leader of the 70-person business delegation of the Chinese Enterprises Philippine Association (CEPA), Hu Xinquan, was welcomed by the BOI on June 15 in Makati City, according to a release.

The 70 Chinese business leaders are investigating business potential in the Philippines, particularly in engineering and construction, banking, commerce, communications, energy, agriculture, and manufacturing.

According to BOI, the Chinese delegation’s business trip to the Philippines is in accordance with an MOU on investment promotion that BOI and BOC inked on January 4 during President Ferdinand R. Marcos Jr.’s visit to Beijing.

“More Chinese businesses are even more eager to expand their operations in the Philippines following the State Visit to China. The Bank of China, DTI, and BOI will be able to support CEPA members in increasing their investments in the Philippines, according to Hu.

Ceferino Rodolfo, managing head of the BOI and undersecretary of the DTI, advised Chinese businessmen to consider participating in the nation’s value chain for mineral processing.

“While fossil fuel is not a blessing, green metals are plentiful. With 22 producing nickel mines in 2021, we will be the world’s top nickel direct shipping ore exporter. In order to support the global supply chain for electronic vehicles, this creates the potential for the processing of minerals and the production of batteries, according to Rodolfo.

The Regional Comprehensive Economic Partnership (RCEP), according to BOI, is projected to strengthen trade and investment ties between the Philippines and China when it is implemented in the two nations.

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