Bacolod City – Officials of a Chinese company visited Bacolod City to discuss their proposal to build a USD200-million (P10 billion) electric vehicle (EV) manufacturing plant in the city, Mayor Alfredo Abelardo Benitez revealed recently.
Officials of Jiangsu Fengchuen New Energy Power Technology Co. Ltd. arrived last week in Bacolod City.
“They sounded really excited. I hope it would push through. They are talking, they want to make sure all bases are covered with such a big investment. One of things they are looking for, is a friendly LGU (local government unit),” Benitez, who met with them on Tuesday, said.
“They will continue their due diligence here,” the mayor said.
Due diligence refers to the process of verification, investigation, or audit of a potential investment opportunity.
Benitez earlier said that the firm, which is a collaboration between Chinese and Korean companies, has already identified Bacolod as their place of operations. (Gilbert Bayoran via The Visayan Daily Star (TVDS) with reports from Philippine News Agency, photo courtesy of TVDS)
