Chinese steel conglomerate Panhua Group Co., Ltd. (Panhua) yesterday signed a memorandum of understanding (MOU) with PHIVIDEC Industrial Authority and Philippine Economic Zone Authority (PEZA) for a 305-hectare integrated steel manufacturing complex at PHIVIDEC Industrial Estate at the Misamis Oriental-Special Economic Zone (PIEMO-SEZ).
The MOU signing was one of the highlights during Chinese President Xi Jinping’s visit to the Philippines. Shown below are (from left): Panhua Chairman Xinghua Li, (PEZA) Deputy Director General Tereso O. Panga and PHIVIDEC Industrial Authority CEO and Administrator Atty. Franklin Quijano. Witnessing the signing is Trade Secretary Ramon Lopez (center) and other officials.
According to a news article at Manila Standard, the $3.5-billion investment which consists of a port, a 10-million ton capacity integrated steel mill, an industrial park and other downstream industries will be implemented in three phases and would generate 50,000 jobs.
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