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Sunday, April 21, 2024

BoI plans to reinforce steel sector

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The Board of Investments teamed up with the Science Department’s Metals Industry Research and Development and the Philippine Council for Industry, Energy and Emerging Technology Research and Development to conduct a feasibility study on boosting iron production using local indigenous minerals.

The study aims to determine the most suitable iron making technology for the value adding of Philippine magnetite resources for the iron and steel industry and is in line with the iron and steel roadmap.

Trade undersecretary for industry development and BOI managing head Ceferino Rodolfo said the plan was to integrate local production and supply existing steelmaking infrastructures. 

“A genuine local iron and steel industry is a strategic element for the country’s socioeconomic development. It can serve as backbone for many sectors of the economy as it is highly interrelated with many sectors specifically the infrastructure, power, transportation, and the manufacturing industries,” he said.

Rodolfo said President Rodrigo Duterte specifically gave directives to look into the viability of local magnetite ores, particularly the black sand, as intermediate iron products for use in the production of iron and steel.

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He said the president aimed to pursue industrialization by having the country’s own steel industry.

The agreement signed provides for MIRDC as the implementing agency for the study with the BOI and PCIEERD providing the funds.

The study also aims to provide technological solutions to obtain maximum benefit from the value adding of iron resources in the country.

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