Chinese steelmaker to build 4.4 bln USD integrated steel plant in southern Philippines

[TaiShang]

Chinese steelmaker to build 4.4 bln USD integrated steel plant in southern Philippines


Source:Xinhua Published: 2018/12/15


Chinese firms Hebei Iron & Steel Group (HBIS Group) signed a memorandum of understanding (MOU) on Friday with Philippine Steel Asia Manufacturing Corporation to develop an integrated iron and steel plant costing 4.4 billion US dollars in the southern Philippines.

The Chinese embassy in the Philippines said in a statement that HBIS Group, Philippine Steel Asia Manufacturing Corporation and other companies are about to launch the "Philippines Iron and Steel Project" and to set up an investment consortium which will build an integrated iron and steel plant.

The integrated iron and steel plant will occupy a 305-hectare land inside an industrial zone for the heavy industries in Cagayan De Oro, a city in the southern Philippines. The construction period of the plant is scheduled to span from three to five years.

Philippine Trade Secretary Ramon Lopez said on Friday the project "is very important to our industrial development" and "will boost the Philippine manufacturing sector, create jobs and increases the production capacity to support the growing domestic demand and export requirements."

The project, which costs 4.4 billion US dollars, is the largest Chinese industrial investment in the Philippines to date, according to Lopez.

"This milestone is also a result of a stronger relationship between the Philippines and China," Lopez added.

After construction, the integrated iron and steel plant will cover a production of eight million tons of basic irons and steel products every year, which can be made into metal sheets, nails, paper clips, and construction-grade products such as wire rod and wire mesh.

As a fast-growing economy in Southeast Asia, the Philippines has a huge demand for iron and steel.

Philippine government statistics show that iron and steel is the Philippines' fifth import by commodity group, which is valued at 4.91 billion US dollars from January to October 2018 with a growth of 39.4 percent from 2017.

Jin Yuan, the Commercial Counsellor of the Chinese embassy in the Philippines, said the Philippines Iron and Steel Project is a very important follow-up implementation in the cooperation between China and the Philippines under the Belt and RoadInitiative.

According to the Philippine Department of Trade and Investment, the iron and steel production base is projected to provide indirect job opportunities up to 65,000 to related businesses for local workers.

HBIS Group, located in Hebei Province of the northern part of China, is one of the largest steelmakers in China. It is a major player in producing appliance grade and automotive grade steel products.

Philippine Steel Asia Manufacturing Corporation has been a top rebar producer in the Philippines with six production units located in the Philippine main Luzon island, the Visayas in the central Philippines, and in the southern Philippine island of Mindanao.

http://www.globaltimes.cn/content/1131990.shtml

 

[enquencher]

Debt trap?

 

[TaiShang]

Debt trap?

Investment in manufacturing, indian. Not loan.

 

[enquencher]

Investment in manufacturing, Indian. Not loan.

Jin Yuan, the Commercial Counsellor of the Chinese embassy in the Philippines, said the Philippines Iron and Steel Project is a very important follow-up implementation in the cooperation between China and the Philippines under the Belt and RoadInitiative

I saw belt and road initiative...so i remember ed debt trap..chinese

 

[TaiShang]

Jin Yuan, the Commercial Counsellor of the Chinese embassy in the Philippines, said the Philippines Iron and Steel Project is a very important follow-up implementation in the cooperation between China and the Philippines under the Belt and RoadInitiative

I saw belt and road initiative...so i remember ed debt trap..chinese

Indian 62er, every country fights to have this sort of investment in heavy industry.

Samsung just the other than announced 2.4 billion investment in a advanced battery factory in China.

You Indians are jumping up when Xiaomi announces investment in manufacturing in India.

This is how things work.

 

[enquencher]

Indian 62er, every country fights to have this sort of investment in heavy industry.

Samsung just the other than announced 2.4 billion investment in a advanced battery factory in China.

You Indians are jumping up when Xiaomi announces investment in manufacturing in India.

This is how things work.

Chinese..i asked a question is it investment or a debt trapas usual in BRI

 

[TaiShang]

Chinese..i asked a question is it investment or a debt trapas usual in BRI

It is Make in the Philippines.

 

[enquencher]

It is Make in the Philippines.

Good for them if everything ends well..world cannot c one more srilanka in making

 

[TaiShang]

China-Philippines relations advance under BRI

By Huang Ge in Manila Source:Global Times Published: 2018/11/26

Traffic waits at a crosswalk on Roxas Boulevard, the main route along Manila Bay, in Manila, capital of the Philippines on November 20. Photo: Huang Ge/GT


In need of infrastructure support to boost economic growth, the Philippines is seeking cooperation with Chinese companies under the China-Proposed Belt and Road initiative. More opportunities will be brought to the Philippines after the two countries on November 20 announced they would jointly advance the initiative during Chinese President Xi Jinping's visit. Chinese State-owned enterprises and private companies in the Philippines said although there are some challenges such as labor issues and unstable raw costs in the local markets, they are devoted to forging new business cooperation with Philippine firms given the improving local investment policies for overseas investors.

The China-proposed Belt and Road initiative (BRI) has brought great growth opportunities for the Philippines, and local companies are enthusiastic about welcoming increased Chinese investment, though some challenges persist, Chinese business owners and experts noted.

Having been in the Philippines for more than 11 years, Ren Xiaopeng, general manager of China Road and Bridge Corp's branch office in the Philippines, has seen the evolution of China-Philippines relations. He notes that bilateral economic and trade ties have deepened during recent years.

China Road and Bridge is one of the participants and promoters of cooperation between the two nations. As one of the earliest Chinese enterprises to "go global," the company registered and established its Philippines office on August 25, 1995, Ren told the Global Times.

The enterprise is mainly engaged in construction projects including roads, bridges, airports, ports, railways, water supply and drainage and other civil engineering projects.

It has undertaken nine projects in the country and taken over two additional projects that are ongoing, Ren said.

In July, China offered to build the 734-meter long Binondo-Intramuros Bridge in Manila City and the 506-meter long Estrella-Pantaleon Bridge in Makati City that will help ease traffic congestion in Metro Manila, according to the Xinhua News Agency.

Chinese companies are enthusiastic about investing in the Philippines, and with the bilateral relations and exchanges in various fields deepening, China-Philippines cooperation under the BRI will reach a new high, according to experts.

China and the Philippines agreed on November 20 to upgrade their ties to comprehensive strategic cooperation and jointly advance Belt and Road construction, the Xinhua News Agency reported.

The decision was made at a meeting between visiting Chinese President Xi Jinping and his Philippine counterpart Rodrigo Duterte.

Infrastructure support

Xi's visit to the Philippines showcases the breadth of bilateral relations and emphasized the considerable areas of convergence the two nations have, particularly in relation to infrastructure, trade, investments, tourism, agriculture, security and law enforcement, culture and people-to-people ties, Lucio Blanco Pitlo III, Lecturer in Chinese Studies at the Ateneo de Manila University, told the Global Times on Saturday.

The Belt and Road jives with the "Build, Build, Build" (BBB) Program under the Duterte administration, Pitlo said, noting that Chinese investments in construction, real estate, online gaming and manufacturing will generate jobs and revenue for national and local governments, allow for knowledge and technology transfers, and will trigger a multiplier effect that can be extended to downstream sectors.

The Philippine Department of Finance (DOF) has assured the public of the financial sustainability of the Duterte administration's ambitious BBB program that is designed to modernize the country's infrastructure backbone by rolling out 75 flagship projects worth a combined total of $36 billion in investments, according to a government statement.

This is in keeping with the government's goal to sustain rapid growth, attract investment and attain economic inclusion for all Filipinos, the statement said, citing DOF Undersecretary Grace Karen Singson.

The rapid development of the Philippine economy has made the contradiction between its underdeveloped infrastructure and fast economic growth increasingly prominent, Ren said, noting that the country is in dire need of more infrastructure.

As the BRI is one of the largest infrastructure and investment projects in history, coinciding with the BBB program issued by the Philippine government, Philippine companies will benefit from a golden age of infrastructure development and are likely to grow at a rapid pace, according to Ren.

The two countries have conducted broad cooperation in transportation infrastructure, industrial parks and energy, and China is currently the Philippines' largest trading partner.

Trade between China and the Philippines increased 8.5 percent year-on-year to $51.28 billion, according to information released by China's Ministry of Commerce (MOFCOM) on November 15.

China's investment in the Philippines was $1.25 billion as of the end of September, and the Philippines' investment in the Chinese market reached $3.33 billion during the same period, according to MOFCOM.

Great potential

The great growth potential of the Philippines also offers many opportunities for Chinese business owners.

Zhang Hua, who was born in East China's Fujian Province, has sought business opportunities in the Philippines for more than 20 years in sectors such as property and mineral products.

Chinese business owners encountered a relatively hard time in the Philippines when he first came two decades ago, due to unfavorable foreign investment policies, Zhang told the Global Times.

With the rapid growth of the country, the Philippines now welcomes foreign investment to support their infrastructure needs, and Chinese business owners have made large contributions to the Philippine economy.

The advantages brought by Chinese enterprises that expand their presence in the Philippines come from their resources, technology, quality and scale in particular, Ren said.

Chinese companies are vested in forging projects that benefit the people of the two countries under the BRI, and also aim to bring new growth opportunities and create novel cooperation opportunities for both countries, he noted.

"Although the Philippines welcomes overseas investment, it has relatively strict restrictions on foreign capital in the proportion of shares [that can be owned]," Ren said.

Other challenges that Chinese firms may face include labor problems and the fluctuating prices of raw materials charged by local suppliers, according to Zhang.

The past two years saw great strides in the relationship between the two countries despite the persistence of challenges, Pitlo said.

If the present trajectory is sustained, there is hope that deeper and expanded cooperation will benefit both economies and their peoples, he said.

http://www.globaltimes.cn/content/1129008.shtml

***

 

[Jlaw]

Chinese steelmaker to build 4.4 bln USD integrated steel plant in southern Philippines


Source:Xinhua Published: 2018/12/15


Chinese firms Hebei Iron & Steel Group (HBIS Group) signed a memorandum of understanding (MOU) on Friday with Philippine Steel Asia Manufacturing Corporation to develop an integrated iron and steel plant costing 4.4 billion US dollars in the southern Philippines.

The Chinese embassy in the Philippines said in a statement that HBIS Group, Philippine Steel Asia Manufacturing Corporation and other companies are about to launch the "Philippines Iron and Steel Project" and to set up an investment consortium which will build an integrated iron and steel plant.

The integrated iron and steel plant will occupy a 305-hectare land inside an industrial zone for the heavy industries in Cagayan De Oro, a city in the southern Philippines. The construction period of the plant is scheduled to span from three to five years.

Philippine Trade Secretary Ramon Lopez said on Friday the project "is very important to our industrial development" and "will boost the Philippine manufacturing sector, create jobs and increases the production capacity to support the growing domestic demand and export requirements."

The project, which costs 4.4 billion US dollars, is the largest Chinese industrial investment in the Philippines to date, according to Lopez.

"This milestone is also a result of a stronger relationship between the Philippines and China," Lopez added.

After construction, the integrated iron and steel plant will cover a production of eight million tons of basic irons and steel products every year, which can be made into metal sheets, nails, paper clips, and construction-grade products such as wire rod and wire mesh.

As a fast-growing economy in Southeast Asia, the Philippines has a huge demand for iron and steel.

Philippine government statistics show that iron and steel is the Philippines' fifth import by commodity group, which is valued at 4.91 billion US dollars from January to October 2018 with a growth of 39.4 percent from 2017.

Jin Yuan, the Commercial Counsellor of the Chinese embassy in the Philippines, said the Philippines Iron and Steel Project is a very important follow-up implementation in the cooperation between China and the Philippines under the Belt and RoadInitiative.

According to the Philippine Department of Trade and Investment, the iron and steel production base is projected to provide indirect job opportunities up to 65,000 to related businesses for local workers.

HBIS Group, located in Hebei Province of the northern part of China, is one of the largest steelmakers in China. It is a major player in producing appliance grade and automotive grade steel products.

Philippine Steel Asia Manufacturing Corporation has been a top rebar producer in the Philippines with six production units located in the Philippine main Luzon island, the Visayas in the central Philippines, and in the southern Philippine island of Mindanao.

http://www.globaltimes.cn/content/1131990.shtml

Better Chinese investment go into PH than vn

 

[Viet]

Vietnam export brides. Philippine export maids. Different specialty for each country.

You must be thankful to bride exporting country Vietnam. Imagine, without the girls, chinese men in Mainland and Taiwan would run amok killing each other because 1,000 men fight for a Chinese girl even she looks ugly.Horror.

 

[TaiShang]

SteelAsia, Chinese firms eye USD4.4-B steel complex in Mindanao

Philippine News Agency Published: 2018-12-15


The country’s largest steel producer, SteelAsia Manufacturing Corp., is partnering with Chinese firms Hebei Iron and Steel (HBIS) Group and Huili Investment Fund Management Co., Ltd. to build an integrated steel complex in Mindanao.

The three companies signed a memorandum of understanding (MOU) Friday for the construction of a USD4.4-billion Philippine Iron and Steel Project in Misamis Oriental.

File photo shows a workshop of Hebei Iron and Steel (HBIS) Group in Shijiazhuang. [Photo: VCG]

Trade Secretary Ramon Lopez noted that this is the largest investment from China going into the Philippines so far.

“This project is very important to our industrial development and will allow us to pursue President Duterte’s vision of having a globally competitive integrated iron and steel industry, to support the growing economy, to alleviate poverty, and to create jobs for every Filipino,” Lopez said.

The project will be located in Park 5 of PHIVIDEC Industrial Estate in Misamis Oriental covering 305 hectares of land.

This will be in two phases, the first phase of which is expected to cost USD3 billion and create 6,000 new jobs. The second phase of the project will amount USD1.4 billion.

The facility is expected to produce three million to five million metric tons of different steel products every year.

“We can anticipate that this investment in our industry will catalyze the development of various downstream manufacturing, creating a more robust economy and generating tens of thousands of jobs,” SteelAsia President and Chief Executive Officer Benjamin Yao said.

Yao said it is an opportune time for this kind of investment in the local steel industry with the record-high demand for steel, which is expected to grow rapidly.

***

You must be thankful to bride exporting country Vietnam. Imagine, without the girls, chinese men in Mainland and Taiwan would run amok killing each other because 1,000 men fight for a Chinese girl even she looks ugly.Horror.

I believe this issue should not be used to win over in debates from both sides. People's dignity and choices out of their circumstances (favorable or unfavorable) should be respected and kept out of political/geopolitical debates.

 

[Viva_Viet]

You must be thankful to bride exporting country Vietnam. Imagine, without the girls, chinese men in Mainland and Taiwan would run amok killing each other because 1,000 men fight for a Chinese girl even she looks ugly.Horror.

Bro. U dont know CN is No 1 bride exporter in JP despite Jap treat Cnese women too bad in Nanjing ?? and Huawei bjtch exporting to CAD just got arrested for " bad service" to white master ??

Dont waste time wt those inferority complext Cnese here. )

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Looking by nationality, Chinese accounted for the largest number of foreign-born wives at 37.2%, or 5,526 marriages, followed by Filipinas at 22.7%, or 3,371 unions. Korean nationals were third at 13.6% (2,031), Thai fourth at 6.5% (970), and Americans rounded out the top five at 1.7% (246).

https://www.nippon.com/en/features/h00174/

 

[Viet]

Better Chinese investment go into PH than vn

If you ask me, It’s stupid making decision not based on profit considerations but friendly sentiment or propaganda.Certainly...China can go to the newfound friend Philippines, Kongo and Haiti.nobody cares.

 

[BATMAN]

Debt trap?

Indiot, this is real industrial investment, which is going to help Philippines long way.
It will help Philippine reduce it's import bill. Help develop skilled manpower.
Pakistani rulers on the other hand may have no idea, what's the importance of advance technology.
I wish... if we had ruler like Philippines.