The investments in iron and steel manufacturing and shipbuilding will generate 8,000 jobs, according to the department. Huili Fund, a private equity firm based in Beijing, signed a letter of intent for the steel manufacturing investment in March 2017. The two-phase project of a world-class integrated steel manufacturing facility will employ 6,000 people by 2022. “Producing the steel here will be favorable to both parties as it will generate jobs for Filipinos and be cost-effective for the company. Feasibility studies are currently ongoing following international maritime safety standards as the company plans to investing in an SBSR facility with a local company in the Philippines worth $1.5 billion.

Source: The Standard October 23, 2017 11:48 UTC