China to build $4.4-billion steel complex in the Philippines

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China to build .4-billion steel complex in the PhilippinesThe Philippine government on December 14 signed a memorandum of understanding with Chinese companies for the joint implementation of the “Philippine Iron and Steel Project” in Misamis Oriental, a province located in Northern Mindanao.

In a social media post, Trade Secretary Ramon Lopez said the two-phased project costs $4.4 billion, the biggest Chinese industrial investment in the Philippines to date, according to the Philippine Star.

The memorandum was signed between HBIS Group Co. Ltd., Huili Investment Fund Management Co.,Ltd., Steel Asia Manufacturing Corporation and PHIVIDEC Industrial Authority.

The project is expected to generate over 20,000 additional job opportunities, Lopez added.

The Philippines sits on vast reserves of unexploited minerals, both metallic and non-metallic. Aside from gold and copper, the country is also rich in iron ore reserves, the paper noted.

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The Philippine government on December 14 signed a memorandum of understanding with Chinese companies for the joint implementation of the “Philippine Iron and Steel Project” in Misamis Oriental, a province located in Northern Mindanao. In a social media post, Trade Secretary Ramon Lopez said the two-phased project costs $4.4 billion, the biggest Chinese industrial investment in the Philippines to date, according to the Philippine Star. The memorandum was signed between HBIS Group Co. Ltd., Huili Investment Fund Management Co.,Ltd., Steel Asia Manufacturing Corporation and PHIVIDEC Industrial Authority. The project is expected to generate over 20,000 additional job opportunities, Lopez added....

Reading Time: 1 minute

China to build .4-billion steel complex in the PhilippinesThe Philippine government on December 14 signed a memorandum of understanding with Chinese companies for the joint implementation of the “Philippine Iron and Steel Project” in Misamis Oriental, a province located in Northern Mindanao.

In a social media post, Trade Secretary Ramon Lopez said the two-phased project costs $4.4 billion, the biggest Chinese industrial investment in the Philippines to date, according to the Philippine Star.

The memorandum was signed between HBIS Group Co. Ltd., Huili Investment Fund Management Co.,Ltd., Steel Asia Manufacturing Corporation and PHIVIDEC Industrial Authority.

The project is expected to generate over 20,000 additional job opportunities, Lopez added.

The Philippines sits on vast reserves of unexploited minerals, both metallic and non-metallic. Aside from gold and copper, the country is also rich in iron ore reserves, the paper noted.

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