By: Marites Toledo
A substantial number of big businessmen from China and Russia have expressed interest in the Philippine market after President Rodrigo Roa Duterte publicly invited them to invest in the country.
The entry of Chinese and Russian businesses is a “good opportunity” for the country’s economy and business, thus, the SM Investments Corp. (SMIC) has started exploratory talks for possible partnership deals with some companies from China and Russia.
“We are discussing with certain groups, but nothing has been finalized,” SMIC Chief Financial Officer Jose T. Sio said.
The Russian and Chinese companies that are interested to put up business in the Philippines are all engaged in property, retail, and banking, which are also the core business of the SMIC, Sio said.
Sio declined to disclose the identities of the companies so as not to ‘disturb’ the exploratory talks.
Sio stressed that “There are many opportunities in the Philippines. We have our young educated people — that is our advantage.”
“We have many things to develop, including infrastructure, airports, mining, etc. There are many opportunities here, and we opened ourselves up to China, Russia and the US,” he added.