DTI mulls foreclosure of NSC

President Arroyo reiterated yesterday her administration’s desire to re-open the National Steel Corp. (NSC) in Iligan City amid efforts to block the "interim solution" of her administration by one of the labor unions backed by the Malaysian co-owner of the moribund steel plant in Mindanao.

Because of this residence, President Arroyo said she has instructed Trade and Industry Secretary Mar Roxas II to explore the remaining option, which is to foreclose and set up an asset management company that will sell the plant to pay its creditors and displaced workers.

Speaking in her regular Radyo Bombo program yesterday, President Arroyo lamented that the proposed "interim solution" crafted by Roxas would have led to the re-opening of the NSC.

"If only the people of Iligan who were siding with that one labor union have agreed to the interim solution, the National Steel Corp. would been re-opened already," the President said.

"But they did not accept it. So we’re back to the court again. So foreclosure," she added.

President Arroyo said she is particularly interested to see the re-opening of the NSC plant to help the people of Iligan where she spent her growing up years.

"Because it (NSC) has big impact not only to the economy of Iligan but for the entire Philippines," the President pointed out. – Marichu Villanueva