A Chinese government-controlled company is considering to set up a shop in the Philippines for steel trading, a development seen as a reflection that business relations between Manila and Beijing continue to thrive, according to the Philippine Chamber of Commerce and Industry (PCCI).
Local government officials from the Sunshine City (Rizhao City) in the Shandong Province expressed interest in opening up a satellite office, revealed Dr. Francis Chua, PCCI chairman emeritus.
“They want to put up an office in the Philippines to be managed by a company engaged in steel trading. They already import 1.5 million metric tons a year of steel to the Philippines,” Chua said in an interview with reporters.
“They said that there is a difference between the political issue and business, so as far as they are concerned, tuloy ang negosyo. This is a government unit looking at investment opportunities here,” he added.
While talks are still preliminary, Chua said putting up a steel mill is one of the options he has offered.
The company is encouraged by the widespread construction activity taking place in the country, and will likely capitalize on the opportunity; however a concern was also raised by the firm on the electricity costs.