COSCO forging ahead with Philippines hub
The China Ocean Shipping Group is proceeding with development of a $5 billion logistics and shipping hub in the Philippines, despite bribery difficulties facing a Chinese telecom giant in its move to the island nation.
In a report by the AHN news agency Wednesday, COSCO said it will continue planning the hub, which would include a shipyard, deepwater port and logistics zone, likely on the Philippine island of Luzon.
AHN reported that the project won't be affected by the cancellation of a telecom project from China's ZTE Corp. over bribery charges. However, the project may be reconfigured because COSCO cannot find enough contiguous land in one site to locate the shipyard and logistics zone, so those two components may be broken into individual projects.