"Active" Chinese company investment leads seen in Philippines following China visit: president

MANILA, March 23 (Xinhua) -- Philippine President Ferdinand Romualdez Marcos said Thursday that the country's Board of Investments (BOI) has monitored 90 "active investment leads" from Chinese companies across multiple sectors following his January visit to China.

"As of February 2023, the BOI is monitoring 90 active investment leads from Chinese companies engaged in manufacturing, information technology, business process management, and renewable energy," Marcos said in a speech during the 33rd Biennial Convention of the Federation of the Filipino-Chinese Chambers of Commerce and Industry.

"May you all take hold of and maximize these prospects as you venture into your next endeavors for the benefit of our people and our communities," Marcos told the businessmen.

To attract more investments in the energy sector and ensure sufficient power supply and lower electricity costs, Marcos said his administration amended the implementing rules and regulations of the Renewable Energy Act, which removes foreign ownership restrictions for certain renewable energy generation projects in the Philippines.

Marcos said he must create an enabling environment for businesses and make the Philippines an investment haven.

Marcos also recognized the organization's role as a catalyst for growth, underscoring its initiatives to reach out to as many communities as possible.

The Federation of Filipino-Chinese Chambers of Commerce and Industry comprises some 170 member chambers and trade associations in the Philippines, actively engaged in trading, manufacturing, service industry, and other economic activities.