The Philippines expects 250 potential investments from foreign companies in a wide range of sectors, driven by economic reforms undertaken by the government, including the passage of amendments to the Civil Service Act (PSA) and the on foreign investment.
Commerce Secretary Ramon Lopez told reporters that unless there is a surge, some of those leads will be finalized starting this year.
“A lot of these projects have simply been postponed or delayed due to Delta and Omicron surges that have kept investors from visiting sites,” Lopez said.
Lopez cited a few examples from investment avenues he estimated at 450 billion pesos, the bulk of which is in integrated steelmaking from Chinese companies Panhua and Bauwo Steel.
In electronic manufacturing services, potential investors are Minebea Electronics; Brother for printers; Amphenol, electrical and electronic connectors and fiber optics; Positronics for wiring harnesses for data centers/hyperscalers like Facebook and Google; three Taiwanese companies for the manufacture of telecommunications equipment and optical connectors and Foxconn.
In autos and auto parts which include electric vehicles, mineral processing and battery manufacturing, proposed investments come from Toyota for expansion; two Japanese companies for electrical harnesses; ZAF BGM for the nickel hydroxide processing plant and the battery; Ningbo Lygend, mineral processing and battery; a large electric vehicle company and; NWOW, a Chinese e-bike manufacturer.
Lopez said there are also avenues in telecommunications services and digital infrastructure, including a Digital Hub Tech City designed to house technology and IT companies in Pampanga; High-speed Internet via SpaceX low-orbit satellite and; project managers in data centers and hyperscalers with capacities ranging from 50 to 180 megawatts.
Lopez plans investments in renewable energy as the country prepares for 100% foreign participation in solar, wind and tidal sources: an American solar energy company with a capacity of 150 to 80 MW and three Chinese companies on solar energy projects, among others.
The information technology and business process management sector continues to attract investment leads. These include the HCL expansion; American and Canadian animation companies; two American companies for IT and customer support; a Canadian design and engineering firm; a medical informatics company that will add 7,000 full-time employees to its operations; a growing health group; InterVenn, which is pioneering a new AI-based approach to predict, prevent and observe disease progression in real time using glycoprotein research and development; Connext expansion and outsourcing services estimated at $30 million in health information management.
In agricultural production and processing, Lopez unveiled an integrated dairy production project with investments estimated at around $500 million for each project; Baladna-Qatar; LR Group-Israeli and Daesang fortapioca with contract farming with cassava farmers/cooperatives.
Logistics has attracted companies from Taiwan for an integrated logistics facility; China for a cargo terminal; Germany for an integrated logistics facility and; United States, air logistics.
In clothing and textiles; Lopez said there are leads in the manufacturing of nonwoven textiles for personal protective equipment and the export operations of international sports and apparel brands. – Irma Issip