MANILA -Two Chinese firms that manufacture equipment for wind farms — including turbines, towers and rotor blades — are looking to invest about $2 billion to bring local production to the Philippines, the Board of Investments (BOI) said on Tuesday.
Trade Undersecretary and BOI head Ceferino S. Rodolfo said they were hoping that the business venture would be finalized within the year, including the registration of these firms with the investment promotion agency.
“They have already gone to the Philippines to look at different locations and I think they have targeted already or closing in one particular location where they might be close to each other,” Rodolfo told reporters on the sidelines of an event organized by the Philippine Chamber of Commerce and Industry at the Manila Peninsula Hotel in Makati.
The trade official highlighted the importance of having the manufacturing capability for components or equipment to develop the renewable energy sector.
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He cited that the Department of Energy (DOE) had recently awarded about 80 offshore wind service contracts, meaning that there would be a strong demand for these equipment and components locally.
The Philippine government is looking to tap more Chinese firms to invest in the Philippines, particularly in — aside from renewable energy — automotive sector, electric vehicle battery manufacturing, green metals and electronics manufacturing.
Earlier this month, the BOI said representatives of companies from China’s eastern coastal province of Jiangsu have expressed optimism about business opportunities in the Philippines.
The BOI said this was communicated to them during a meeting last Sept. 22, with both sides agreeing that the Philippines could expand bilateral trade with China.
The Philippine Economic Zone Authority (Peza), another investment promotion agency under the DTI, said it was scheduling more investment missions to key local cities this year and the next.
As of May 2023, the Peza said there were 164 Chinese companies located in special economic zones under its administration.