China money in PH metal industry surges to $7.9B, ADB report says
The Philippines saw a surge in Chinese investment pledges last year while it also won some, lost some in terms of trade amid tensions between the United States and China, according to the Asian Development Bank (ADB).
In a report released on Wednesday, Nov. 14, the ADB said foreign direct investments, or those that create jobs, “more than quadrupled in the Philippines.”
It noted “an influx of investments from China in the metals industry” worth at least $7.9 billion.
Greenfield, or simply new, projects and mergers and acquisitions of existing businesses by foreign companies in the Philippines in 2018 jumped 348 percent to $22.4 billion from just $5 billion in 2017, according to the ADB report.
Investments on new projects in 2018 created 53,500 new jobs, up 43.2 percent from just 37,400 jobs created in 2017, ADB said.
While the Philippines received a boost in FDI from China in 2018, it also partly benefited from the US-China trade war, the report said./TSB