President Ferdinand Marcos Jr. on Tuesday urged more cooperation among government agencies and various stakeholders in “addressing the remaining supply chain gaps” in the Philippine steel industry.
“I would like to temper however, this celebration that we are enjoying today, with an important note that the government and private sector has to do more to develop the industry further,” President Marcos said in his speech during the inauguration of the SteelAsia Compostela Works in Compostela, Cebu.
President Marcos said much work still needs to be done to achieve a reliable supply chain for a new and integrated manufacturing industry.
The President said the Philippines is the only member state in the Association of Southeast Asian Nations (ASEAN) without its own integrated steel mill, resulting in limited production of certain steel products.
The country still imports basic raw materials, he pointed out.
With this, President Marcos called on the Department of Trade and Industry (DTI) and the Department of Energy (DOE) and other concerned agencies and stakeholders to “resolve the industry’s concerns regarding high power and logistics costs, which make up the bulk of its production inputs.”
“So, I look forward to the formulation and submission of a concrete and feasible plan to improve our steel trade balance over the next years,” the President said.
The President also ordered the DTI to update the Iron and Steel Roadmap to guarantee its continued stability and relevance amid regional and global trends and challenges.
The President also invited all stakeholders to pursue more investments to address concerns on limited raw materials.
President Marcos was the guest speaker and the keynote speaker during the inauguration of Compostela Works, SteelAsia Manufacturing Corporation’s newest rebar mill in Brgy. Poblacion, Compostela, Cebu.
The Chief Executive said the project will help develop a strong Philippine steel industry that no longer relies heavily on importation to meet the country’s steel requirements.
President Marcos also acknowledged that the opening of Compostela Works brings the country closer to building a more sustainable and highly-linked steel industry.
Comments