The Philippines' Department of Trade and Industry (DTI) announced that a China-based business group has manifested interest in investing in the energy sector in the Philippines.
The Wenzhou Chamber of Commerce representatives have acquired updates on the Philippine investment atmosphere and planned for the possible business partnerships with local investors.
The Wenzhou Chamber of Commerce is a group of investors in the Fengxian District in Shanghai, China. Most of them are operating enterprises in electric wires, cables, power transformers, transmissions, intelligence equipment and electric distribution.
The Philippines, especially the Southern region, has been experiencing sporadic power interruption lasting for hours. The series of interruption kept the power in the Southern Philippines unstable despite the high cost of electricity compared with other ASEAN neighbours.
However, DTI further said that the Chinese investors have initially manifested to inquire on how to set up factories in the Philippines given the strategic location of the country, cheap labour cost and promising economy.
Trade Undersecretary Ceferino Rodolfo also said that with the influx of many Asian investors showing interest in the Philippines, he is confident that the country will continue to outperform its neighbours in Southeast Asia as a result of its sound economic fundamentals.
The recent influx of Chinese investments to the Philippines kept growing as a result of the flourishing trade relations between the two countries. Moreover, Philippine President Rodrigo Duterte also adopted a foreign policy to establish closer relations with Asian neighbours.
Aside from the heavy investments, the Philippine embassy to China also announced that the country is expecting one million tourists influx in the next few years that will boost the country's rural economy.