Posted on 03 Jun 2015
The National Economic and Development Authority (NEDA) commended the growth of the local iron and steel industries and cited its role in infrastructure development that supports the Philippines's attainment of its national development goals and initiatives.
“Iron and steel are a major catalyst for national development. The growth of local iron and steel production will support and further stimulate future infrastructure development initiatives,” NEDA Deputy Director-General RolandoTungpalan said at the opening ceremony of the 2015 Southeast Asian Iron and Steel Institute (SEAISI) Conference and Exhibition.
Tungpalan said the government is confident that the Philippines will be at par with neighboring countries and be able to keep up with the rising demands of the country’s fast-growing economy with the help of improved and revitalized iron and steel sector.
The NEDA official is positive that the Philippines can expect a possible rise in the demand for locally produced steel products while the real estate sector continues to grow, shipbuilding industry is starting to emerge, and the implementation of government infrastructure projects has an enduring progress.
“The ongoing reconstruction and rehabilitation of disaster-affected areas and retrofitting works for disaster-resilient infrastructure are also expected to increase the demand for iron and steel in the coming years,” explained Tungpalan.
The government also anticipates a surge in projects that are already on stream and in the pipeline as the Association of South East Asian Nations integration takes place by the end of 2015 and as the Philippine economy persist its progressing path.
The NEDA official also highlighted that infrastructure development is a crucial of source of the growth and competitiveness of the Philippines since it facilitates connectivity and mobility, enhance resilience among people and communities, and reduces poverty by creating quality employment.
SEAISI Conference and Exhibition opened last May 25 at the Sofitel Philippine Plaza, Manila.
