China Ocean Shipping (Group) Company (COSCO) is set to invest $3 billion in RP. COSCO is one of the worlds shipping magnates. The good news was personally delivered to the President by COSCO president and chief executive officer Wei Jia Fu during a courtesy call in Malacanang this afternoon. During the courtesy call, Wie was accompanied by COSCO top officials like COSCO general managers Shi Zemin and Yuan Xiayu, COSCO Container Lines managing director Sun Jia Kang, and Ji Hai Sheng, president of COSCO Corp. Singapore Ltd.

The shipping giant is developing a shipping complex development project in Sangley Point, Cavite due to the fact that Sangley Point is being groomed to be an international transshipment point by way of a special economic zone. This new project is expected to open at least 100,000 job opportunities.

President Arroyo was flanked by Trade Secretary Peter Favila, Transportation and Communications Secretary Leandro Mendoza, National Economic and Development Authority (NEDA) Secretary General Romulo Neri, and Ambassador Francis Chua, special Philippine envoy on China trade and investments during the COSCO officials's courtesy call.