China looks at Ilocos Norte as potential investment destination

By Joyce Ann L. Rocamora

November 30, 2022, 11:07 am

<p>Chinese Ambassador to Manila Huang Xilian. <em>(Photo courtesy of the Chinese Embassy in Manila)</em></p>

Chinese Ambassador to Manila Huang Xilian. (Photo courtesy of the Chinese Embassy in Manila)

MANILA – Chinese enterprises are looking at Ilocos Norte as an investment destination.

During the Chinese Enterprises Philippine Association (CEPA) and Ilocos Norte Investment Conference on Tuesday, Ambassador Huang Xilian said he visited the province and saw the "tremendous potentials" it offers.

"I have visited the Ilocos Norte province before. It boasts beautiful scenery, sincere and honest people, and unique resources. I was impressed by its tremendous potentials," he said.

He added that Beijing is willing to work with the Philippine side to strengthen ties, deepen cooperation with local governments, and explore investment opportunities.

Huang noted that the blueprint drawn from the 20th National Congress of the Communist Party of China maps Beijing’s future development and "rejuvenation on all fronts" through modernization.

"We believe that China’s new development will bring extensive opportunities to the international communities, including the Philippines, needless to say, our practical cooperation will embrace great prospect," he said.

The Marcos administration seeks to open up more opportunities for high-value investments, with focus on broad-based job creation and expansion of digital infrastructure, research, and development.

With the Corporate Recovery and Tax Incentives for Enterprises Act and economic liberalization in place, President Ferdinand R. Marcos Jr. earlier said the Philippines has expanded the space for foreign investments in previously protected sectors.

The CEPA - Ilocos Norte Conference was attended by Ilocos Norte Governor Matthew Marcos Manotoc, Department of Trade and Industry Undersecretary Blesila Lantayona, and Department of Agriculture Assistant Secretary Kristine Evangelista. (PNA)