The Department of Trade and Industry (DTI), heeding the call of President Ferdinand Marcos Jr. to review and update the iron and steel industry roadmap, is set to consult all stakeholders, including manufacturers, miners, and logistics providers on a strategy that will reduce the country’s reliance on imports.
“Our goal is to develop a comprehensive and sustainable strategy that strengthens the domestic steel industry and enhances our steel trade balance,” said DTI Secretary Alfredo Pascual in a statement.
Pascual said the DTI acknowledges the President’s observation that addressing supply chain gaps is essential to building a resilient and competitive domestic steel industry.
“The DTI, in close collaboration with other relevant agencies, will thoroughly review the Iron and Steel Industry Roadmap,” said Pascual, noting that the steel industry is integral to infrastructure development and economic growth.
The President, during the inauguration of the SteelAsia Compostela Works in Compostela in Cebu on Tuesday also directed the DTI and the Department of Energy to address the concerns of the steel industry especially about high power and logistics costs which he said make up the bulk of the production plants inputs.
The President said much work still needs to be done to achieve a reliable supply chain for a new and integrated manufacturing industry.
He lamented the fact that the Philippines is the only country in Asean without its own integrated steel mill, resulting in limited production of certain steel products.
Previous reports targets by 2030, the iron and steel industry sees itself as a majority producer of quality steel products for domestic users. This vision can be achieved when the industry is able to supply 70 percent of the tonnage of required apparent steel consumption or sustainable economic development in 2030.
A GII Global Information report said the Philippines ranks 20th among major steel importers, citing the World Steel Association. In 2021, the Philippines imported 7.2 million tons of steel from major steel producing countries such as China, India, Japan, and South Korea.
The report, citing Philippines Import Data report, said the country in 2022 imported iron and steel worth $5.23 billion from various nations.
