Investors bullish on pivot to China

27 Jan Posted by Administrator

By Doris Dumlao, Philippine Daily Inquirer

For a country with a huge infrastructure backlog, lagging in foreign tourists despite its beautiful outdoors and really starving for foreign direct investments (FDIs), rekindling bilateral ties with China after a five-year diplomatic chill was a very attractive proposition. This was what President Duterte—who brought with him almost his entire Cabinet plus some 450 top businessmen—was set to accomplish during his state visit to China in October last year.

He didn’t come home empty-handed. This historic visit marked a “new stage of practical cooperation, bilateral commerce, trade and technology,” as China has proclaimed. He came home with some $24 billion worth of financing and investment deals—some of which may or may not materialize in a world where MOUs (memoranda of understanding) are a dime a dozen—and this made the Philippine stock market very happy. Stock market investors chose to ignore the anti-US rhetoric that escalated in China when Mr. Duterte announced a perplexing “military and economic separation from the US” and chose to focus on the positives, particularly on the tourism and infrastructure areas.

“I think this is positive for the economic development of the Philippines because in recent months, we have seen substantial improvement in China-Philippines relations and the emphasis attached by senior officials from both countries on bilateral, economic ties and economic collaboration will lead to an improved outlook of Chinese FDIs (foreign direct investments) in the Philippines, especially with the robust domestic-driven growth in the Philippine,” said Fan Cheuk Wan, head of investment strategy at HSBC Private Bank.

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SL Agritech advances rice seed production

18 Dec Posted by

by Madelaine Miraflor, Manila Bulletin

SL Agritech Corporation (SLAC), country’s biggest hybrid rice seeds producer, has advanced its plan to start producing rice seeds in China.

SLAC Chairman Henry Lim said the company “has signed a foreign partnership in China” to start the production of seeds in the country.

“We are in talks with a company. It’s the company called Hongzhi. It’s a publicy listed company. [We will have] a partnership to produce hybrid rice seeds,” Lim said. “This will be a five-year plan.”

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SL Agritech taps debt market to finance third seed processing plant

16 Dec Posted by

by Madelaine B. Miraflor, Manila Bulletin

SL Agritech Corporation (SLAC), country’s biggest hybrid rice seeds producer, has tapped the debt market for the second time this year to fund the development of its third rice seed processing plant in Mindanao.

SLAC just raised R1.5 billion through the public offering of short-term commercial papers (STCPs), which were formally listed at Philippine Dealing Exchange (PDEX) on Tuesday.

SLAC Chairman Henry Lim told reporters during the listing ceremony that bulk of the proceeds from the issuance will bankroll the development of the company’s newest rice seed processing center in Davao del Sur.

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