One of China’s largest shipping companies has announced plans to invest $3bn in projects in the Philippines, including a new cargo-handling hub. Financial Times

Francis Chua, the Philippine government’s special adviser on China trade and investments, said a team from the state-controlled China Ocean Shipping would arrive in Manila this month to inspect potential locations.

If China Ocean were to set up a facility in the Philippines for moving containers between ships – known as a transhipment hub – it could be a serious setback for Hong Kong and Singapore, which handle much of south-east Asia’s transshipment traffic.