SUBIC BAY FREEPORT - A Chinese steel manufacturer has pledged P9 billion for an export-oriented business project here in the Subic Bay Freeport.
The Panhua Group Co. Ltd. will engage in the pre-painting of steel coils and metal sheets for export and domestic trade and other allied industries.
Subic Bay Metropolitan Authority (SBMA) Chairman Roberto V. Garcia said the SBMA board of directors approved Panhua's proposal on its 258th board meeting in February 2014.
The Chinese firm is also engaged in shipping, real estate, mining, steel manufacturing and logistics business in China.
Garcia said the entry of Panhua in Subic attests to the growing attractiveness of the country to foreign investments.
"The Philippines is currently enjoying a BBB rating from Standard and Poor's, which means that the country has adequate capacity to meet financial commitments," Garcia noted.
He added that more foreign direct investments (FDIs) are pouring into the Philippines because it has earned the trust of investors after it received investment upgrades from different rating firms.
The Panhua Group is a large-scale conglomerate, manufacturer, exporter, and wholesale supplier of cold-rolled steel coil, cold-rolled steel sheet, galvanized steel coil, galvanized steel sheet, pre-painted galvanized steel coil, and pre-painted galvanized steel coil sheet.
With an annual steel production capacity of 1.5 metric tons, Panhua Group Co. Ltd. is listed among the 500 top private enterprises in China.
The firm's main manufacturing bases, which have a registered capital of $100 million, are located in Zhangjiagang City and Fuling District, as well as Chongqing City in mainland China.
Company officials said its proposed Subic Bay Freeport operations are expected to augment its production, as it has pegged its export target at 42,000 metric tons per month to begin in the first quarter of 2016.
Panhua's newly-approved project in Subic will be located at Subic Bay Gateway Park Phase 2 and will initially be manned by 100 employees. (30)