Puyat Steel Corporation Chairman Edgardo Reyes discussed with the Department of Trade and Industry (DTI) Secretary Ramon Lopez their plan of expand the steel manufacturing base in the Philippines as a way to support the country’s sustained demand for steel products and reduce the trade deficit through import substitution.
In their meeting last December 11 with the DTI, Reyes reported that Puyat Steel is constructing a Php 500-million pipe manufacturing plant in Batangas that will produce steel pipes of up to 3 meters in diameter and to create 350 new jobs. It will be located beside the company’s existing plant in Batangas, and will begin operation in the first quarter of 2019.
For his part, the Trade Chief is pushing for local manufacturing companies to expand operations amidst a fast-growing economy under the Duterte administration. Boosting the manufacturing sector creates jobs, increases the production capacity to support the rapidly expanding domestic demand and export requirements, and helps reduce the trade deficit, said Sec. Lopez.
As published in the Philippine Business News. To read the full article click here:
https://thephilbiznews.com/2018/12/14/puyat-steel-expands-business-through-p500m-plant-in-batangas/
The Department of Trade and Industry is pushing for fair trade practices and a level playing field for domestic industries and is therefore studying the inclusion of steel pipes and roofing materials in the list of products requiring mandatory certification to ensure that only quality standard materials are sold in the local market, for the protection of consumers and users.
Strengthening enforcement of industry standards, he further noted, will prevent substandard imports and smuggled goods from entering the country. Undersecretary Ruth Castelo, who heads the Consumer Protection Group, said that the DTI advocates for the use of international standards for all local and imported steel products.
The Chairman of Puyat Steel said that while they are facing challenges in maintaining its market share against imported products, they are willing to invest to expand more as they have the technology and know-how.
Unknown to many, Puyat Steel Corporation is a 62-year old company that established the first galvanizing plant in the Philippines. They produce galvanized iron sheets for construction, building, and roofing materials.