COSCO plans $3 billion Philippine port

News reports say that COSCO Group president and chief executive officer Capt. Wei Jiafu had notified Philippine President Gloria Arroyo of the Group's intentions at a meeting on Monday.
COSCO will now undertake due diligence to research the viability of the project.
“They're very eager to come,” said Philippine socioeconomic planning secretary Romulo Neri. “We just have to make sure that it's mutually advantageous, advantageous to them and to us; then, I guess the deal will push through.”
Philippine officials said COSCO was looking to modernize the facilities at Sangley Point, which is 8 miles south-west of Manila. The Chinese company wants to develop a cargo transshipment centre, build port and logistics complexes and construct shipyards with shipbuilding facilities.
COSCO was even planning to improve the naval facilities there for the Philippine Navy, they said.
According to Neri, the existing WWII naval base can be converted under the supervision of the Philippine Economic Zone Authority which would offer financial incentives to COSCO.