Chinese firms build up their Philippine portfolios

Philippine officials announced US$472 million in China investment commitments in the Philippines at the end of President Gloria Arroya's three-day visit, the biggest being Hebei Jingniu Group's agreement to invest US$312 million in a glass-making plant in Bataan or Subic Bay as a base for its Southeast Asia operations. TCL Corp, China's leading TV and mobile maker, agreed to invest US$110 million in expansion of its Philippine plant and E'cheng Iron and Steel Group and Shenzhen Zhaoheng Industry together agreed to acquire a 40% stake in an iron-ore processing plant.