According to a March 4 report by the Manila Bulletin of the Philippines, Rodolfo, head of the Philippine Board of Investments, recently stated that five Chinese enterprises—China Aviation Technology International Holding Co., Ltd., Liaoning Baolai Enterprise Group Co., Ltd., Huili Investment Fund Management Co., Ltd., Dalian Wanyang Heavy Industry Co., Ltd., and Yidingtai International—plan to invest more than US$10 billion in the Philippines and create 15,000 jobs. Among them, Liaoning Baolai and Huili Fund will each invest US$3 billion. Liaoning Baolai plans to build and operate downstream petroleum projects in the Philippines, including a retail network, petroleum storage terminals, refining projects and related industries; the project is expected to create 3,000 jobs. Huili Fund plans to build a world-class steel plant in the Philippines, which is expected to create 6,000 jobs. Dalian Wanyang plans to spend US$2.8 billion to build a Manila waste-to-energy project, converting 4,000 to 5,000 tons of Manila waste into 312 megawatts of electricity, and is expected to create 4,500 jobs. Yidingtai International will spend US$1.5 billion to build shipyards and ship repair facilities for vessels under 15,000 tons in the Philippines, and is expected to create 2,000 jobs. AVIC has not yet disclosed details of its investment projects in the Philippines.