Panhua Group, a major Chinese steel company, is set to open the first phase of its USD1-billion steel manufacturing operation in the Philippines, sometime next month, June.
Trade and Industry Secretary Cristina A. Roque told reporters following her meeting with the Chinese steelmaker in Suzhou, China, where she also met with other potential Chinese investors in the Philippines.
“This is a big investment,” the DTI chief said. “Phase 1 should be opening anytime soon. I think July,” she added.
The first phase of the project will focus on metal sheet manufacturing.
“They’re very bullish on the Philippines,” Roque said.
The trade secretary also said that, apart from steel manufacturing, Panhua is exploring tea production as a separate investment opportunity.
She added that the Panhua Group reaffirmed its commitment to continued cooperation in promoting investments, strengthening supply chain resilience, and advancing sustainable industrial development.
Panhua’s integrated steel manufacturing complex is located in the Kamanga Special Economic Zone in Sarangani. The project is registered with the Philippine Economic Zone Authority.
