GENERAL SANTOS CITY (MindaNews / 12 Sept)—A Chinese steel company is investing $1 billion in Maasim, Sarangani, the largest single foreign direct investment (FDI) in the country under the Marcos administration so far.
Secretary Frederick Go, Special Assistant for Investment and Economic Affairs, which is under the Office of the President, said that the venture by Panhua Integrated Steel Inc. (PISI), is among those approved by various investment promotion agencies (IPA) of the government, such as the Board of Investments and the Philippine Economic Zone Authority (PEZA), in Mindanao.
“Through good governance and the improved peace and order condition, the economy of Mindanao has been growing stronger and stronger,” he said.
Go is the keynote speaker for the two-day 33rd Mindanao Business Conference (MinBizCon) here themed “Unlocking the Potentials and Opportunities in Mindanao.”
Hundreds of businessmen across Mindanao and investors from different parts of the country and abroad graced the MinBizCon, which opened on Thursday.
The MinBizCon is organized by the Philippine Chamber of Commerce and Industry and hosted by the General Santos City Chamber of Commerce and Industry Inc. (GSCCCII).
Go said that from 2022 to 2024, the IPA-approved investments across the country is valued at P200 billion.
These investments are mostly in mining, power, gas, steam, and manufacturing, particularly in the steel industry, he added.
According to its Facebook page, PISI would be the first two-million metric ton per annum integrated steel mill in the Philippines.
It is located at the PEZA-approved Kamanga Agro-Industrial Economic Zone (Kamanga Ecozone) in Barangay Kamanga in the coastal town of Maasim.
PISI is a Chinese private company under Panhua Group Co Ltd., which is headquartered in Zhangjiagang, Jiangsu Province. Founded in 2001, Panhua Group is one of the Top 500 enterprises in China, its briefer said.
“PISI aims to provide permanent resolution to the high demand of steel in the Philippines. PISI will be selling 30 percent of its products locally, addressing the country’s consumption and helping the Philippines become self-sufficient in steel requirements,” it said.
GSCCCII president Miguel Rene Dominguez, former governor of Sarangani province, told reporters the Panhua Group has started developing the steel plant in a 40-hectare property in the Kamanga Ecozone.
“It could become an important source of steel products that will support the growth of industries and construction not just in Mindanao but the whole country … We’re extremely happy and excited to host that,” he said.
Dominguez said the steel plant targets to start production in December next year.
The development and operation of the steel plant is expected to generate 2,000 jobs, including 500 engineers, he said. (Bong S. Sarmiento / MindaNews)