ASEAN countries

The Philippines has been a major recipient of Chinese investment and its geostrategic position has made it a hub for many red-chip Chinese investors.

The CRPIP is forecast to cost US$90 million, financed in part by a US$62 million loan from CEXIM as Official development assistance (ODA). CRPIP construction commenced in September 2018 and is expected to be completed in 2022. In January 2021, Mynt, the company behind digital financial services provider GCash, announced a US$175 million capital raise which was completed at a valuation of circa US$1 billion. Dito launches 3rd Telco in the Philippines – Since 2011, two companies have dominated Philippine telecoms; PLDT/Smart and Globe — but their hold on the market is being tested by Dito Telecommunity, a new telco which was launched in March 2021. The 60-meter-high Kaliwa Dam, a US$255 million dam will cover a surface area of 291 hectares within Barangay Pagsangahan, General Nakar, and Barangay Magsaysay, Infanta, both in Quezon province. In February 2022, the first 2.8 kms of the US$610 million 17-km road was opened; with the remainder set for completion in December 2023. The construction of the Kaliwa Dam was previously set for January 2020 until December 2025. The 3.98 km Davao River Bridge is located in the Bucana District at the mouth of the Davao River, connecting the coastal roads. The proposed Makati subway system, the Philippines first ever PPP project (no cost to the city) is expected to be completed by 2025. The Binondo-Intramuros Bridge is part of a US$96 million Chinese grant agreed upon during Duterte’s visit to China in 2017. The Philippines and China bilateral trade reached close to US$82.05 billion in 2021 and has grown at an average of 17 percent over the past five years. This, coupled with extensive infrastructure connectivity plans, better uniting the country, and the development of numerous free trade zones is seeing the Philippines take on a more dynamic role in the region than in the past. Construction of the Bucana Bridge – which will complete the ongoing coastal road project in Davao City, and is expected to finally start in 2022 after more than a year of delay.