Chinese steelmaker to open $1 billion plant in Sarangani

MANILA, Philippines — Chinese steelmaker Panhua Integrated Steel Inc. is set to open a $1- billion plant in the Philippines next month, according to the Department of Trade and Industry.

Trade Secretary Cristina Roque told reporters yesterday that she met with officials of Panhua Group during her recent trip to Suzhou, China to discuss the company’s integrated steel project and future expansion plans in the Philippines.

Panhua’s project is located inside the Kamanga Agro-Industrial Ecozone in Maasim, Sarangani.

The first phase of Panhua’s project will involve metal sheet manufacturing and have an annual output of two million tons. It is expected to create 4,000 employees.

“They’re very bullish on the Philippines,” Roque said.

Panhua’s plan to invest in the Philippines was first announced in 2018.

Founded in 2001, Panhua specializes in the production of steel coils.

For the DTI, a stronger and more competitive steel industry remains important as it pushes the country’s industrial growth agenda.

Apart from Panhua, Roque said she also met with other Chinese firms that are interested to invest or expand in the Philippines.

These include electric motorcycle manufacturer NWOW Technology, electric vehicle design, engineering and manufacturing firm Shanghai Launch, bearing manufacturer C&U, renewable energy firms Goodwe and Yude Solar and telco Guodong Group.

Roque also met with officials of food firms Chagee, Liwayway China, Joyvio Fresh and AGL.