Trade and Industry Undersecretary Ceferino Rodolfo said seven foreign companies with businesses in China have diversified their operations in the Philippines.
These companies registered their projects with investment promotion agencies attached with the Department of Trade and Industry, the Board of Investments, and the Philippine Economic Zone Authority from 2018 to February 2020.
Their investments reached P1.6 billion, said Rodolfo, who is also the managing head of BoI.
Dutch company Head Group has the biggest investments amounting to P1.12 billion for manufacturing of tennis balls.
Five companies are from Taiwan with combined investments of P444.63 million. Their projects involve manufacturing and exporting marine accessories, internet accessories, parts and equipment, audio appliances, health products and luggage.
American firm Ever Win International Corp. invested P21.4 million for manufacturing of consumer electronics.
Rodolfo said the country positions itself as a complementary host country for investments of companies that have operations in China, particularly in the manufacturing industry.
Many multinational companies with businesses in China are eyeing to diversify their investments outside the East Asian country.
The DTI official added these firms are relocating and diversifying outside China even before the coronavirus disease 2019 pandemic due to the trade tension between China and the United States.