According to a report by the Philippine Star on August 19, the Philippine Department of Trade and Industry (DTI) stated that a Chinese company engaged in the production of yarn and textile fabrics is preparing to open a branch in the Philippines .
Philippine Trade and Industry Minister Lopez met with representatives of Tianhong Textile Group last week, and the two sides discussed investment-related situations in the Philippines. The Philippines hopes to revive its garment and textile industry and benefit from this investment. However, Lopez said that the company is currently in the research stage and details including investment amount and specific time have not yet been determined.
Tianhong Textile is one of the world’s largest cotton textile suppliers, mainly engaged in the production and sales of core-spun yarn, high-quality yarn and other apparel fabrics. It currently serves more than 3,000 customers in China and overseas. The company has operations in China and Vietnam, and has sales networks in Hong Kong, South Korea, and Bangladesh.
