Chinese textile firm commits to invest in Philippines Fancy Yarn for Knitting

A Chinese textile firm will sign an investment deal in the Philippines’ Cagayan Special Economic Zone and Free Port (CSEZP), whose president Raul Lambino recently said the news was relayed during the second Belt and Road Initiative Forum in Beijing. Lambino was speaking at the Boao Forum for Asia-Manila Conference hosted by the Filipino-Chinese Chamber of Commerce.

Lambino said the textile producer was among the major Chinese companies interested in investing in CSEZP. The Cagayan Economic Zone Authority (CEZA) administrates the 54,000-hectare eco-zone.

CEZA would sign a series of memoranda of understanding with major Chinese companies for various investments in the zone, he said. Once signed, the agreements are expected to yield 20,000 new jobs for the Filipino workforce.

The second Silk and Belt Initiative forum is the second of a series of fora and investment matching sessions for countries in Asia.

In 2018, the number of locators in CSEZP increased 21 per cent, while committed investments climbed 44 per cent to $8.13 billion, media reports in Philippines quoted Lambino as saying.