Chinese Investors May Build New Shipyard in Philippines
On Friday, the Philippine government’s Board of Investments announced that four Chinese firms are considering $10 billion in industrial projects, including a $1.5 billion shipyard.
YDT International, an affiliate of Dalian Wanyang Heavy Industries, is interested in building a yard for building and repairing regional-size vessels of up to 15,000 dwt, MANA correspondent reported.
If fully built out, the yard would employ more that 2,000 people by 2022.
Initial results of the company's feasibility study are expected this month.
Other projects in the works include a modern integrated steel mill; a trash-burning power plant; aerospace parts manufacturing and services; and a network of downstream petroleum facilities.
The total of $10 billion in new Chinese investments would represent a 300-fold increase over last year's total, a sign of thawing relations between Manila and Beijing.