Metro Manila (CNN Philippines, January 7) — The Philippines will soon have its own liquid steel plant following a bilateral deal signed during the state visit of President Ferdinand Marcos Jr. to China, Malacañang said Saturday.
Citing Philippine Ambassador to China Jaime FlorCruz, the Presidential Communications Office (PCO) said the agreement between Manila’s SteelAsia and Beijing’s Baowu Steel is expected to “revive the country’s steel industry.”
It was among the 14 bilateral deals made during Marcos’ three-day visit to China, according to FlorCruz.
“Ang ini-expect po natin ay magpapasok ng $1.5 billion to $2 billion investment para magtayo ng unang-unang liquid steel plant,” the envoy said.
[Translation: We are expecting this to pour in $1.5 to $2 billion of investment to set up the first liquid steel plant.]
FlorCruz pointed out that the Philippines will “always be reliant on imports,” as it is one of the few Southeast Asian countries that do not produce its own steel.
“Makikita po aligned ito sa ating pangangailangan dito. Hindi lang po ito dahil gustong magbenta ang China kung hindi dahil po kailangan natin at magbe-benefit tayo sa mga ganitong agreement,” FlorCruz said.
