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The Philippines has secured at least P4.59 billion worth of new investments from several Chinese firms, supporting the local manufacturing industry that saw its output expand at its fastest pace in three months last July.
The new investments committed after a nearly weeklong investment mission in China that concluded on Monday include the P2.72-billion commitment by Chinese industrial bearing manufacturer C&U.
The firm will construct a new building and production line to more than double its daily output from the current 200,000 pieces to 500,000 pieces.
