A CHINESE construction firm is eyeing Tagoloan town, Misamis Oriental as a site for a $3 billion steel mill, a Misamis Oriental Provincial Government official said.
Provincial Information Officer Nicole Managbanag said Ansteel Construction Group Corporation Limited, one of the biggest steel firms in China, is looking at three possible sites in the Philippines--Misamis Oriental, Subic and Pampanga.
"But the Chinese investor saw potential sa (in the) province. Kay nag meet man ta sa atong (Since we meet all the) requirements such as water supply, electric and even the land area," Managbanag said.
Managbanag said after meeting up with the Chinese businessmen and checking the area, Misamis Oriental Governor Yevgeny Emano was positive that the corporation will pick Misamis Oriental as the area of their investment.
Managbanag said Ansteel needs 300 hectares for the steel mill and the Philippine Veterans Investment Development Corporation (Phividec) has a 350 hectare-site suitable for the planned steel mill.
The investors, the provincial information officer said, also plan to set up a cement plant where all the wastes from the steel mill plant will be placed.
Managbanag said if the investors choose the province as the area for the construction of the steel mill and the cement plant, these would help the economy of the province and will give more job opportunities since they need a total of 50,000 workers.
"That would help in the economic activities, from restos, hotels, tourism, and even small scale entrepreneurs sa (in the) province. More job opportunities considering they will be needing around 50,000 employees. The plant will give leeway to many opportunities, steel mill will turn out cheaper so we don't need to import, and above all, additional tax for Misamis Oriental which can greatly help sa pagpalambo (in the development of the province)," Managbanag said.
Managbanag added that the infrastructure projects can also improve the livelihood of the neighboring areas boost downstream economic activities.
On Thursday, October 12, Emano, together with Phividec and Cagayan de Oro Chamber of Commerce and Industry President Roberto Pizarro, met with Chinese businessmen lead by Chu Nai Li, Board Chairman of Ansteel Construction Group Corporation, in Xavier Sports and Country Club, Xavier Estates, Masterson Avenue, Upper Balulang, Cagayan de Oro City.