Tue Sep 10 16:07:00 UTC 2024: ## Chinese Companies Invest P4.5 Billion in Philippine Ecozones, Boosting EV Battery Charging, Solar Panel Production

**MANILA, Philippines** – The Philippine Economic Zone Authority (Peza) has secured P4.5 billion in investments from six Chinese registered business enterprises (RBEs) for the expansion of their operations within Philippine ecozones. The investments will focus on key sectors like electrical vehicle (EV) battery charging, industrial bearings, and solar panels.

Peza Director General Tereso O. Panga revealed that C&U, a leading industrial bearings manufacturer, has committed P2.7 billion to build a new production line, increasing its daily output from 200,000 to 500,000 pieces. Similarly, Bocheng, a plastic injection molding company, will invest P700 million to construct a 30,000 square meter facility at the LIMA Estate.

Huading, a major manufacturer, will invest P1 billion to expand its production facility at the Suntrust Ecotown Tanza. In renewable energy, Tide Solar will invest $3 million to build another solar panel manufacturing facility in ANFLO Industrial Estate, adding to its existing $7 million facility in LIMA Estate. Mass Power, another major investor, is constructing a 4-storey building at the First Cavite Industrial Estate, with the project cost yet to be disclosed.

Boamax, a leading manufacturer of EV battery charging equipment, is relocating its production from China to the Philippines, signifying a major boost to the country’s EV infrastructure.

These investments come following Peza’s successful first investment mission to China from September 4 to 10. The agency generated several new leads from medium-sized Chinese companies interested in domestic and export manufacturing activities within Philippine ecozones.

Peza has approved a total of P2.02 billion in investments from Mainland China and Hong Kong for the first eight months of the year, a threefold increase compared to the same period last year. Currently, 189 Chinese RBEs operate within Philippine ecozones, contributing P47.3 billion in investments and generating 46,501 direct jobs.

These investments underscore the growing confidence of Chinese companies in the Philippine economy and highlight the country’s potential as a hub for manufacturing and renewable energy development.

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