Industrial Investment Continues to Grow in Misamis Oriental with USD 4.4 Billion-worth of Investments

PHIVIDEC Industrial Authority
Photo credit: CDOdev.com

Industrial Investment Continues to Grow in Misamis Oriental as a Memorandum of Understanding (MOU) was signed between HBIS Group Co.,Ltd., Huili Investment Fund Management Co.,Ltd., Steel Asia Manufacturing Corporation, and PHIVIDEC Industrial Authority to jointly implement the Philippine Iron and Steel Project in Misamis Oriental amounting to USD 4.4 billion-worth of investments.

The project comprises of two phases which will generate over 20,000 additional job opportunities." Secretary Ramon Lopez shared that the project will allow the country to substantially produce  basic iron and  steel products that will also further supply downstream steel products, like metal sheets and bars, including nails, staple wires, and paperclips as well as construction-grade products steel products such as wire rod and wire mesh. It will also support the Philippine’s bid to be a major producer of high-quality and safe steel products by 2030.

“This project is very important to our industrial development and will allow us pursue President Duterte’s vision of having a globally competitive integrated iron and steel industry, to support the growing economy, to alleviate poverty, and to create jobs for every Filipino,” said Sec. Lopez.

“This milestone is also a result of stronger relationship between Philippines and China under the leaderships of President Rodrigo Duterte and President Xi Jinping,” Sec. Lopez added.

The project will occupy a 305-hectare land inside the PHIVIDEC Industrial estate identified to be the most strategically-located industrial zone in our country for heavy industries right inside Mindanao. The facilities in the plant will include those related to port operation, sintering, coking, pelletizing, iron-making, steel-making, steel rolling and further processing. The construction and ramp-up period is scheduled to span from three to five years.

Phase I will cover production of 4.5 million tons of hot rolled coil (HRC) and 600,000 tons of slabs with USD 3 billion worth of investments. Meanwhile, the project will increase its steel manufacturing capacity to 8 million metric tons under Phase II.

Source: DTI