Alibaba, Tencent join investment mission to Philippines

ABS-CBN News

Posted at Apr 04 2017 04:13 PM

MANILA - Chinese internet giants Alibaba and Tencent are headed to the Philippines to discuss possible investments with the help of the Bank of China, the lender said Tuesday.

The meetings will be held as finance ministers and central bank governors of the Association of Southeast Asian Nations converge in Cebu this week.

The Bank of China is willing to lend up to $3B over the next five years to the 95 Chinese investors who are headed to Cebu, said the bank's country head for the Philippines, Deng Jun.

"We would like to invest in Philippines. If you see, the GDP growth rate of the country almost 7 percent, maybe higher next year," he said.

"The key concern is they need time to understand the market and to know the laws, regulations and then how to cooperate with Filipino companies," he added.

The investment mission will also include 13 fund managers who manage up to $40 billion in assets, he said.

Manila and Beijing are rebuilding economic ties after President Rodrigo Duterte set aside an international court's decision that nullified China's vast sea claims in favor of the Philippines. -- report from Warren de Guzman, ABS-CBN News