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

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....

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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