Following President Ferdinand R. Marcos Jr.’s directive to update the Philippine Iron and Steel Roadmap, the Department of Trade and Industry (DTI) has committed to craft a comprehensive and sustainable development blueprint for the sector.
In a Viber message to reporters Thursday, DTI Secretary Alfredo Pascual said his agency will work 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.
Particularly, the DTI 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 are not yet being manufactured in the country.
Likewise, integrated steel manufacturer Panhua Integrated Steel, Inc. is also set to start commercial operations next year, producing various steel materials and billets for cold-rolling, automobiles, and construction. (PNA)
