China Ocean Shipping Company (Cosco) has withdrawn its bid for a $5bn integrated shipbuilding and international logistics project in Sangley Point, Cavite.

COSCO group president captain Wei Jiafu said COSCO had given up on its original plan to redevelop the port, 12.8km south-west of Manila.

The project was to be a joint venture between COSCO and the Philippines Government.

Two years ago COSCO was invited by Philippine President Gloria Arroyo to become a part of the project but COSCO says it will explore other business opportunities in the country.

Excess transshipment capacity of the region could have been a reason for the withdrawal, according to industry analysts.