Can the Philippines' become China's ‘plus one' amid South China Sea tensions?
Advertisement
The director general of the Philippine Economic Zone Authority (PEZA), Tereso Panga, said in a social media post on Monday that the Philippines was being eyed as the 'next preferred destination in
Asean with the emerging
China plus one, plus one business strategy,' referring to the country as a viable investment alternative amid the 20 per cent
tariffs imposed on Chinese imports by US President
Donald Trump
PEZA is the agency that administers special economic zones in the Philippines and promotes foreign investments.
Panga added that the China plus-one strategy had 'evolved into C plus two', with the Philippines now the preferred 'plus-one' location in Asean for companies relocating from China.
Vietnam had historically been the first choice for China-based companies for expansion due to its proximity, he said, a sentiment that was made clear during PEZA's meetings in various Chinese cities, including Xiamen, Chongqing Shenzhen , and Dongguan , where officials presented investment opportunities in the Philippines.
Advertisement
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
2 hours ago
- South China Morning Post
Hong Kong's OSL Group raises US$300 million amid stablecoin anticipation
Hong Kong-based OSL Group, the city's first listed and licensed virtual-asset trading platform, said on Friday that it raised HK$2.36 billion (US$300 million) through the sale of existing shares, top-up subscriptions and new shares, amid heightened market anticipation around stablecoins It was the largest publicly disclosed equity raise in Asia's digital-asset sector to date, the company said on Friday. Hong Kong is set to allow stablecoin issuance under new regulations that take effect on August 1. Excitement over the change prompted Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority, to issue a warning on Wednesday, cautioning against 'excessive market and public opinion speculation'. OSL's major shareholder Crown Research Investments sold 101.19 million existing shares at HK$14.90 per share, a 15.34 per cent discount to the closing price on Thursday, according to a filing with the Hong Kong stock exchange. The same number of shares will be reissued to the seller at the same price through a top-up subscription. The shares represent 16.14 per cent of OSL's existing issued share capital and 13.9 per cent of the issued share capital as enlarged by the allotment and issue of the top-up shares. The company's Hong Kong-traded stock dropped 6.6 per cent to HK$16.44 in the morning trading session on Friday. OSL also issued 9.34 million new shares to two independent investors, WK Triangulum Investment and Brand Wisdom, which have agreed to subscribe to 2.63 million shares and 6.71 million shares, respectively.
South China Morning Post
2 hours ago
- South China Morning Post
EU-China cooperation ‘only right choice', Premier Li Qiang says at business symposium
China and Europe should foster a 'healthy' economic relationship characterised by both competition and cooperation, the Chinese premier told European Union leaders and businesses on Thursday. At a business symposium held on the sidelines of the EU-China Summit on Thursday, Li Qiang urged both sides to find new grounds for collaboration. 'China and the EU can further leverage their complementary economic strengths, focusing on areas such as services trade, technological innovation, the green economy, and third-party cooperation to cultivate more new growth drivers for collaboration,' Li said, according to Xinhua. 'Looking back at the 50-year history of diplomatic relations between China and Europe, cooperation remains the only right choice for both sides.' Amid rising protectionism and unilateralism, if China and Europe join hands in upholding free trade and multilateralism while deepening economic and trade collaboration, they can serve as a stabilising anchor for economic globalisation and the stability of global industrial and supply chains, Li was quoted as saying. Li and European Commission President Ursula von der Leyen, along with other Chinese and EU officials, attended the symposium, which hosted nearly 60 representatives from business chambers and companies.
South China Morning Post
2 hours ago
- South China Morning Post
Hong Kong's OSL Group raises US$300 million amid stablecoin anticipation
Hong Kong-based OSL Group, the city's first listed and licensed virtual-asset trading platform, said on Friday that it raised HK$2.36 billion (US$300 million) through the sale of existing shares, top-up subscriptions and new shares, amid heightened market anticipation around stablecoins It was the largest publicly disclosed equity raise in Asia's digital-asset sector to date, the company said on Friday. Hong Kong is set to allow stablecoin issuance under new regulations that take effect on August 1. Excitement over the change prompted Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority, to issue a warning on Wednesday, cautioning against 'excessive market and public opinion speculation'. OSL's major shareholder Crown Research Investments sold 101.19 million existing shares at HK$14.90 per share, a 15.34 per cent discount to the closing price on Thursday, according to a filing with the Hong Kong stock exchange. The same number of shares will be reissued to the seller at the same price through a top-up subscription. The shares represent 16.14 per cent of OSL's existing issued share capital and 13.9 per cent of the issued share capital as enlarged by the allotment and issue of the top-up shares. The company's Hong Kong-traded stock dropped 6.6 per cent to HK$16.44 in the morning trading session on Friday. OSL also issued 9.34 million new shares to two independent investors, WK Triangulum Investment and Brand Wisdom, which have agreed to subscribe to 2.63 million shares and 6.71 million shares, respectively.
