Liwayway Marketing, China firm to invest $850M in budget hotels

Diversifying snack food manufacturer Liwayway Marketing Corporation entered into a brand licensing contract with the Jinjiang International Hotel Investments Co. so they could invest, starting in 2013, $850 million in economy hotels to be built in Manila and Makati. Carlos Chan, chairman of Liwayway Marketing, and Zurong Xu, chief executive officer of Jinjiang, signed the contract in Shanghai, China Friday with President Benigno Aquino III and Trade Secretary Gregorio Domingo among the witnesses. Xu said Jinjiang sees good potential in the Philippine tourism sector. Jinjiang and Liwayway Marketing plan to build the budget hotels along the stretch of Roxas Boulevard in Manila. Also in Shanghai, President Aquino witnessed the signing of a memorandum of understanding among several firms, including Jiangsu Huaihai Construction Group, which will establish and expand a construction and real estate development facility in the Philippines. Other parties to the MOU are Huawei International Pte. Ltd., Next Mobile Inc. and Information Capital Technology Ventures Inc. Another memorandum of agreement sealed was between Subic Bay Metropolitan Authority and the Hydrochina International Engineering Co. Ltd. Aquino also witnessed the signing of a memorandum of cooperation between Cagayan Ironsand Corporation and Heibei Iron and Steel Group. — ELR/VS, GMA News