Wednesday, March 15, 2017

More than $1-billion investment awaits National Steel Corporation

Around $1.8 billion of investment awaits National Steel Corporation (NSC) - this was divulged by Vice Mayor Vera Cruz of Iligan City during the flag raising ceremony held last Monday, March 13, 2017. Accordingly, the information was passed when the Vice Mayor visited President Rodrigo Duterte in Davao two weeks ago. President Duterte told a businessman of a multi-billion company had expressed interest in the said project.
The meeting with President Duterte and the investor surprised LGU Iligan.

MEB Admin

National Steel Corporation was once the largest steel-making industry in the country - until the government went into massive privatization program and sold it to Malaysians and mishandled it.
More than $1-billion investment awaits National Steel Corporation
Economy

The meeting with President Duterte and the investor surprised LGU Iligan.


ILIGAN CITY - Around $1.8 billion of investment awaits National Steel Corporation (NSC) - this was divulged by Vice Mayor Vera Cruz of Iligan City during the flag raising ceremony held last Monday, March 13, 2017. Accordingly, the information was passed when the Vice Mayor visited President Rodrigo Duterte in Davao two weeks ago. President Duterte told a businessman of a multi-billion company had expressed interest in the said project.

It can be recalled that the closure of National Steel Corporation ignited unemployment rate in Iligan City to rise drastically in the past few decades. It was sold to under-capitalized Malaysian firm which turned its back and left the government holding the debt.

MEB sources told that a portion of NSC will serve as the new South Bound Terminal of Iligan, but it is projected that the plan will be canceled once the $1.8-billion deal will be sealed. The said project will be the biggest investment to ever flow in Northern Mindanao region. The news brought positive reactions as for the people of Iligan.

Ty Bela remarked on the post of LGU Iligan City's Facebook page, "Hope nga maka sugod na kay daghan taga iliganon nga walay trabho hinaot nga walay pilipilion o backer2x kay mao man gud ni kasagara dayon.barugan nga duterte adminstration na karon.ipakita ang tinoud nga pagkabag-o ipalabi nga kita iliganon e priority nato nga tibuok iligan basta skill worker maka sulod niining pag abli o pagkabuhi sa national steel corporation."

The meeting with President Duterte and the investor surprised LGU Iligan. The investment is even bigger than that of the biggest mall in the country, SM Seaside Cebu. Video below is Vice Mayor Vera Cruz in his speech during the flag raising ceremony last Monday as posted in LGU Iligan City Facebook page.



Keep posted for more updates.


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