The construction of a 305-hectare integrated steel manufacturing plant in Mindanao, Philippines, is expected to generate 50,000 jobs for Filipino workers.
Panhua Group, a Chinese steel company, will set up the US$3.5 billion (SG$4.8 billion) investment at the PHIVIDEC Industrial Estate of the Misamis Oriental-Special Economic Zone in Mindanao.
According to Trade and Industry Secretary Ramon Lopez, construction will be completed in six to seven years.
The project will be done in three phases, and will consist of a port, an integrated steel mill with a capacity of 10 million tons, as well as an industrial park.
Panhua’s Chairman, Xinghua Li, notes that he is optimistic about constructing more industrial parks in the country to increase employment and attract investments into rural areas of the Philippines.
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