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GENERAL A Chinese company is investing $1 billion (P55.98 billion) to build a steel manufacturing plant in Maasim town, Sarangani province.
It is the single biggest foreign direct investment (FDI) so far under the Marcos administration, according to Secretary Frederick Go, the special assistant to the president for investment and economic affairs.
The investment comes even as relations between Manila and Beijing continue to be tested by the West Philippine Sea dispute, a longtime cause of regional tensions.
Go said the venture of Panhua Integrated Steel Inc. (Pisi) was among those approved by various investment promotion agencies of the government, such as the Board of Investments and the Philippine Economic Zone Authority (Peza), in Mindanao.
“Through good governance and the improved peace and order condition, the economy of Mindanao has been growing stronger and stronger,” said Go, who spoke at the 33rd Mindanao Business Conference that opened here on Thursday.
The conference gathered hundreds of businessmen from Mindanao and investors from different parts of the country and abroad.
