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Manila Bulletin devider Business devider Trade & Industry devider PEZA pushes revival of Iligan steel complex

PEZA pushes revival of Iligan steel complex

Published Mar 24, 2026 01:55 pm

The 450-hectare (ha) complex of the mothballed National Steel Corp. (NSC), once considered Asia’s largest steel plant, could soon be revived into a modern steel manufacturing hub as the Philippine Economic Zone Authority (PEZA) looks to attract investors.

In a statement, PEZA said it signed an agreement with the local government of Iligan City last month outlining strategies for redeveloping the property.

The investment promotion agency (IPA) will lead the government’s efforts to convert the NSC property into a productive ecozone by encouraging the entry of both local and foreign investors.

“Through the 450-ha NSC site, we will bring in world-class investors to establish a modern steel-making hub,” said PEZA Director General Tereso Panga.

Panga said the goal of the ecozone is to drive sustainable growth and strengthen the country’s merchandise exports while creating opportunities for local communities.

In its investment drive, PEZA will be supported by the government’s investment arm, National Development Co. (NDC), and Maharlika Investment Corp. (MIC), which manages the country’s sovereign wealth fund (SWF).

To kick-start this push, PEZA zone administrator Abdullah Adel-Khan Alug will oversee on-the-ground implementation by working closely with the local government.

He will provide the necessary technical assistance, regulatory facilitation, and investment promotion support to advance the development of the property.

For potential investors, PEZA said access to stable and cost-efficient energy will not be an issue, since the site is connected to the Agus-Pulangi hydropower complex, which is also awaiting rehabilitation.

In recent years, the government has attempted to breathe new life into the former NSC site, but various prospects to develop the property have failed to materialize.

Following the most recent attempt at its revival, NSC officially shut down operations in 2009.

By reviving the idle property into an ecozone, the IPA said this would once again position Iligan as a strategic hub in the country’s industrial and export-oriented manufacturing landscape.

For the year, PEZA is targeting around 60 percent of its investments to come from the manufacturing sector.

It is aiming to approve ₱300 billion in investment pledges this year, up 15 percent from ₱260.89 billion last year.

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