Downtown Chongqing (Ch'ung-ch'ing)
Filipino taipans are expanding in Chongqing even if a 300-man delegation of businessmen from that city is coming to check opportunities from motorcycle assembly to mining in the Philippines.
Our taipans, Lucio Tan and Henry Sy, meanwhile, are making great strides in their own investments in one of China’s largest and most populous cities. Francis Chua, special envoy to China for trade and investments, told reporters that Sy of the SM Group is eyeing to locate its fourth mall in China in Chongqing. Lucio Tan’s Philippine Airlines is set to mount direct flights to the city. Lucio Tan (born July 17, 1934) is a prominent Filipino business magnate. He owns Asia Brewery, the 2nd largest brewer in the Philippines, Tanduay Holdings, one of the world's largest rum makers, Fortune Tobacco, the largest tobacco company in the country, Philippine Airlines, Philippine National Bank, the 5th largest bank in the country, Allied Bank the Philippines' 8th largest lender. These companies are just a few of some 300 companies that Mr. Tan controls. The total value of his business empire according to some estimates would not be less than US$20 billion, and he controls 40 to 60% of that.
Sy is considered a taipan, or tycoon, of Asia. As of 2006, Forbes ranks him as the 14th richest person in Southeast Asia; "Henry Sy and family" is ranked the 74th richest in the "Asia and Australia" region, and 512th richest in the world. Sy built his first mall in Crossroads West Xiamen in 2001 followed by one in Injiang City in Fujian province and in Chengdu, also in Sichuan province. All malls, built as Sy’s personal investments, are drawing good shopping crowds encouraging the taipan to expand.
PAL will add Chongqing to the three destinations in China because of its huge potential in tourism and business. PAL has already signed a memorandum of agreement with Chinese officials on Thursday to develop the route. The airline would start with charter flights. PAL currently flies to Beijing, Shanghai and Xiamen.
Chua said with the new route, he sees Philippine exports to rise as the area is a potential for our fruits and marine products.
Meanwhile, Chua said the Chongqing businessmen here last week are planning to put up manufacturing plant for motorcycles; nickel and chromite exploration in in Palawan; tourism and education. Chua said that for mining, the businessmen want to tie up with Chinese experts already here. The businessmen were scheduled to meet officials of the Department of Environment and Natural Resources last Friday.
He added that President Arroyo has suggested to the motorcycle manufacturer to locate in Sta. Rosa, Laguna where a number of car manufacturers are located so that spare parts can be sourced locally.
Chua said that the group is also proposing to build ships in the country because they are good in building luxury vessels but he said he has asked them to work with China Ocean Shipping (Group) Co.
He said another group of businessmen are partnering with William Gatchalian for the opening of at least five hot pot chain restaurants in the country. Chua added that to firm up relations between the Philippines and the city, the businessmen created the Philippine-Chongqing Business Council Thursday. The Council’s first activity is an exhibition of Philippine fruits and marine products in Chongqing in November. A provincial city within Sichuan Province, the municipality of Chongqing has a registered population of more than 31,442,300.