SEPTEMBERASIA BUSINESS OUTLOOK8NEWSROOMMERALCO TO SELL 40 PERCENT OF ITS STAKE IN ITS SOLAR POWER SUBSIDIARY TO ACTIS FIRMChina will fully open its manufacturing sector to foreign investments and is also allowing more room for foreign capital in its health sector, adding to efforts to revive the world's second-largest economy.Beijing will remove the last remaining limits on overseas investments in the manufacturing sector starting from Nov. 1 and cut its list of areas that are restricted for foreign investors, according to a statement from the National Development and Reform Commission posted on Sunday.The government pledged to promote the expansion and opening up of the service industry and encourage overseas investment access in that sector, the NDRC said. Authorities are studying potential policy revisions, with one of the key directions being to foster further foreign investment into services.Separately, China also announced a slew of policies to further open up its health care sector. Foreign capital will be allowed to engage in the development and application of technologies covering stem cells, gene diagnosis and treatment in the pilot free trade zones in Beijing, Shanghai, Guangdong and Hainan, according to a statement posted on the website of the Ministry of Commerce. All products that have been registered, marketed and approved for production can then be used nationwide.The government will also allow the setup of wholly foreign-owned hospitals in Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, Shenzhen and Hainan Island, according to the statement. However, the acquisition of public hospitals and facilities practicing traditional Chinese medicine are still not permitted, it added. The new policy takes effect immediately. Philippine power generator and distributor Manila Electric Co. (Meralco) is set to sell a 40 percent stake in its solar power subsidiary to the global investment firm Actis for $600 million. The deal will help fund the joint development and expansion of the Terra Solar energy storage project, which is one of the world's largest integrated renewables and energy storage projects, with a total value estimated at $3.5 billion.The Manila Electric Company is a company in the Philippines that distributes electric power. It is the sole electricity provider in Metro Manila, with the power distribution rights for 39 cities and 72 municipalities, covering not just Metro Manila but also the surrounding areas of Mega Manila.Terra Solar is expected to have a capacity of 3,500 megawatts of photovoltaic energy and 4,500 megawatt hours of battery energy storage.Actis, a global leader in sustainable infrastructure, has committed to investing $9 billion in its energy portfolio, which spans over 200 projects across 35 countries. Meralco, which serves as the primary electricity distributor for Metro Manila and adjacent provinces such as Bulacan, Cavite, Laguna, Batangas, Rizal, and Quezon, will continue to manage energy distribution in those regions.While Meralco serves the majority of these areas, some rural municipalities are still covered by electric cooperatives. FOREIGN INVESTORS SECURE ACCESS TO CHINA'S MANUFACTURING SECTORSEPTEMBERASIA BUSINESS OUTLOOK8
< Page 7 | Page 9 >