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The Board of Investments (BoI) on Friday said it had awarded a green lane certificate to Real Steel Corp.’s (RSC) steel bar production facility project in San Simon, Pampanga.
“With an investment cost of P10.3 billion, the reinforcing steel bar production facility is expected to be fully operational in December 2024,” the BoI said in an e-mailed statement.
Under Executive Order No. 18, green lane endorsements ease the approval and registration processes for strategic investments.
The RSC steel mill will use local recycled scrap and full automation, seeking to provide 480 jobs for Filipinos, the Trade department said.
“It is crucial for steel, a key product for nation-building, to be entirely sourced and produced within the country,” it added.
“BoI prioritizes the creation of integrated steel mills, utilizing local resources such as steel crap and relying less on important billets,” said Marjorie Ramos-Samaniego, BoI governor.
The project will feature an efficiency boost with its electric arc furnace technology, generating 23 megawatts of renewable energy, the Trade department said.
According to the BoI, the Philippines has ranked 20th among the top importers of steel globally due to the lack of steel manufacturing players in the country.
The country imported $5.23 billion worth of iron and steel last year, according to the United Nations Comtrade database.
The Trade department has anticipated the increase in steel demand and consumption in the Philippines to support the government’s Build Better More program.
“[The] local production of reinforced steel bars, wire rods, and spooled coils using recycled steel scrap will minimize waste and significantly lower the cost of prefabrication materials,” it said on the need for local sustainability investments.
“Such an approach aims to make housing more affordable for every Filipino,” it added.
The green lane promotion will boost more investor interest, alongside domestic production capability and self-sufficiency, the RSC noted. — Miguel Hanz L. Antivola
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