Chinese group plans $6-B 'friendly' investments in PH

ABS-CBN News

Posted at Jul 03 2011 12:27 AM | Updated as of Jul 04 2011 06:41 PM

MANILA, Philippines - A group of Chinese investors wants to set up a special economic zone in the country as part of an effort to "revitalize ties" between the Philippines and China.

Hong Kong-based China Trend Investments Ltd., represented by Chan Wai Keung, Garic Chung, Gan Hongzi, Charlie Chen and Thomas Ng, will meet with President Benigno "Noynoy" Aquino III to introduce the "friendly" investment as well as possible ventures in mining and agriculture.

"We see an investment of $6 billion for infrastructure and other development projects, including employment of Filipinos," China Trend director Garic Chung said in a statement.

Chung added that their group has visited the provinces of Aurora, Cagayan and Ilocos.

The same group is also discussing a possible joint venture with Vulcan Industrial and Mining Corp. and Vulcan Materials Corp.

"There are ongoing negotiations between Vulcan and China Trend, and we have presented our projects they can possibly venture into," said Vulcan Materials president Patrick Caoile.