The Chinese companies are looking to invest a hefty sum of $4 billion to transform the Philippines into their manufacturing hub of wind power generation equipment, with the prospect of it becoming a top supplier of the region as well as other top markets, per a top Department of Trade and Industry official on Tuesday.
DTI Undersecretary and Board of Investments (BOI) Managing Head Ceferino Rodolfo stated that the Chinese firms had been in the country and were scouting for a site to build the manufacturing facilities.
Conspicuously big investments in the country, Rodolfo said that the two firms are targeting two different things—one is focused on making monopile towers while the other is on turbines and blades.
Once a suitable site is found, the two Chinese companies will establish their respective manufacturing infrastructures near each other, he said.
Each company is said to be investing $2 billion each for a total investment of $4 billion, according to the DTI official.
But still an unclosed deal, Rodolfo was hopeful that it would push through this year. Due to confidentiality reasons, Rodolfo declined to identify the names of the two Chinese firms.
The two Chinese firms have chosen the Philippines as the area of their investment partly due to the Department of Energy’s awarding of 79 service contracts for both offshore and onshore wind energy projects.
Apart from the incentive, Rodolfo said that the country being chosen is also due to the country’s ideal location on the map for renewable energy.