President Marcos has tasked government agencies to come up with a plan to improve the country's steel industry, and resolve issues impeding the industry's growth.

Marcos directed the Department of Trade and Industry (DTI) and Department of Energy (DOE) to work together in improving the country's steel industry, citing that the Philippines is the only country in the region with no integrated steel mill.

"I call on the Department of Trade and Industry, as lead, along with the Department of Energy and other agencies and stakeholders to resolve the industry's concern regarding high power and logistics cost which make up the bulk of its production plants inputs," Marcos said in his speech during the inauguration of SteelAsia Manufacturing Corporation’s steel plant in Compostela, Cebu on Tuesday, July 9.

"So, I look forward to the formulation and submission of a concrete and feasible plan to improve our steel trade balance over the next years," he ordered.

The President also urged the DTI to update the national iron and steel roadmap "to ensure its continued stability and relevance  amidst domestic and global challenges and trends."

"At present, the Philippines is the only member-state in the ASEAN (Association of Southeast Asian Nation) without its own integrated steel mill, thus there is limited production of certain steel as the country still imports basic raw materials," Marcos cited.

He stressed that localizing the production of basic steel products, the Philippines can contribute to the diversification of local steel industry and the country's economic stability.

The Chief Executive also invited all stakeholders to pursue more investments aimed at reducing, if not eliminating, the limited raw material situation.

He encouraged all stakeholders to work with the government in addressing the remaining supply chain gaps in the steel industry.

Compostela plant, a step closer to better steel industry

Marcos said in his speech that the inauguration of SteelAsia's Compostela plant is one step forward in building a sustainable and highly-linked steel industry in the country.

He said this as he highlighted that once the Compostela Works becomes fully operational, it will have an annual production capacity of one million tons of rebar, making it the country's largest steel plant.

"What is even more exciting is that this is just one of SteelAsia's projects over the next three years aimed at developing a strong Philippine steel industry that no longer relies on importation to meet our steel requirements," he said.

The Chief Executive thanked the steel company for bringing employment to the 300 personnel in the plant.

"With SteelAsia's increased manufacturing capacity, with three million tons annually, we will also solidify our position in the global market," he said.

He also said that "economic and political challenges have derailed our dream of fully developing the steel industry." Thus, Marcos also stressed the need for the government and private sector to do more to develop the industry further.