Northern Mindanao is positioning itself as a prime destination for investors in the steel industry, an official said Wednesday.
During a policy forum in Cagayan de Oro City, National Economic and Development Authority (NEDA) Region 10 Director Mylah Faye Aurora Cariño said a competitiveness study has been conducted to assess the viability of establishing an Integrated Steel Mill (ISM) in the region.
“The ISM will significantly reduce our dependence on imported steel, which is crucial for various sectors,” Cariño said.
She highlighted that the proposed ISM, planned for the Phividec Industrial Authority in Misamis Oriental’s Tagoloan and Villanueva towns, would provide high-quality steel to meet local demand while bolstering regional economic growth.
Reynaldo Lignes, chief investments specialist at the Philippine Board of Investments, said ISM investors stand to benefit from a range of incentives, including a four-to-seven-year income tax holiday, a five percent special corporate income tax on gross income earned, and enhanced deductions for eligible projects.
“ISM investments require significant funding, so there is a provision mandated by the President for flexibility in granting incentives for hiring desirable projects like ISM,” Lignes said.
The forum emphasized the ISM’s potential to drive innovation, create quality jobs, and foster sustainability in Northern Mindanao. (PNA)
