By Komfie Manalo
The Philippines may revive its moribund steel industry, with the Marcos administration keen to update the Philippine Iron and Steel Roadmap to become the blueprint for the sector's sustainable development.
Trade Secretary Alfredo Pascual said President Ferdinand R. Marcos Jr. tasked his agency to collaborate with industry stakeholders to review and upgrade the iron and steel industry roadmap.
"Our goal is to develop a comprehensive and sustainable strategy that strengthens the domestic steel industry and enhances our trade balance," Pascual said.
In particular, the Department of Trade and Industry's chief said he aims to reduce the country's reliance on imports.
"The steel industry is integral to our nation's infrastructure development and economic growth, and we recognize its critical role in propelling the Philippines forward," he added.
"We are confident that through a whole-of-nation approach, we can cultivate a robust Philippine steel industry and attract substantial investments in this vital sector," Pascual said.
On Wednesday, President Marcos graced the inauguration of the manufacturing facility of the country's largest steelmaker, SteelAsia Manufacturing Corp., in Compostela, Cebu.
SteelAsia Compostela Works has a production capacity of 1 million tons annually.
Earlier, SteelAsia chairman and chief executive officer Benjamin Yao announced another PHP65 billion in investments to build four new manufacturing facilities in Quezon Province, Tarlac, and Davao.
These facilities are expected to produce steel products that still need to be manufactured in the country.
Likewise, integrated steel manufacturer Panhua Integrated Steel, Inc. will start commercial operations next year, producing various steel materials and billets for cold-rolling, automobiles, and construction.
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