Chinese investors to pour in some $254-M investments in Bulacan

A group of Chinese investors has committed to pour in some USD254.82 million or about PHP14 billion in four new business ventures in the province. In a statement, Governor Daniel Fernando said on Wednesday the new business ventures of the businessmen from Changsha County, Hunan Province, China to be put up in the province include the broad group Philippine government affordable housing project worth USD18 million, import of Philippine aquatic products worth USD40 million, sales and local assembly of Foton Philippines vehicles in 2024 worth USD180 million and sales contract for excavator equipment worth USD16.82 million. Fernando said this development was the result of a partnership forged five years ago by the province of Bulacan and Changsha County led by Wu Guiying, party secretary of the Communist Party of China (CPC) Changsha Municipal Committee. Wu said that this year marks the 10th anniversary of President Xi Jinping's joint construction of the 'Belt and Road' initiative, and the Philippines is an important node country in it. "We sincerely hope that both parties will seize the opportunity of the comprehensive implementation of RCEP (Regional Comprehensive Economic Partnership), further expand practical cooperation in modern agriculture, biomedicine, and other fields, promote the vigorous development of education, culture, and tourism in the two places, and better achieve complementary advantages, mutual benefit and common development," Wu said in a statement. Aside from investments, Fernando said that the Philippine Hunan Chamber of Commerce, as well as other Chinese firms Sunward Philippines, Inc., Zhongxin Guotai Construction Corporation, Zoomlion Heavy Industry Philippines, Inc., Hon-Kwang Electric Philippines Inc. and Sany Philippines, have donated food and non-food items such as medicines, diapers, canned good, sacks of rice and assistive devices to the province. He said the donations will be distributed to 29 orphanages and homes for the elderly in the province through the Provincial Social Welfare and Development Office. Fernando said he is humbled and excited about the potential that the partnership holds and looks forward to a future filled with successful collaborations and shared prosperity between the two provinces. 'Let us seize this opportunity to work together, building bridges that connect our regions and create new avenues for development. Together, we will write a chapter of success and cooperation that will be remembered for generations to come,' he said. In 2018, the province of Bulacan and Hunan Province, People's Republic of China signed a letter of intent on the establishment of friendship relationships between the two provinces. Both parties agreed to make a concerted effort on the basis of equality and mutual benefit to promote people-to-people friendly context and economic and trade interflow and actively carry out exchanges and cooperation in the fields of economy, trade, science and technology, culture, sports, health, education, youth, administration and among others.

Source: Philippines News Agency