GENERAL SANTOS CITY (PIA)—A $1-billion steel facility, the largest in the country, under Panhua Integrated Steel, Inc. (PISI), is currently under construction in Barangay Kamanga, Maasim, Sarangani.
General Santos City Chamber of Commerce and Industry, Inc. (GSCCCII) president Miguel Rene Dominguez, former Sarangani governor, shared this development, quoting Sec. Frederick Go, Special Assistant for Investment and Economic Affairs of the Office of the President.
Dominguez told the local media about the project in an interview at the opening of the 33rd Mindanao Business Conference (MinBizCon) on Sept. 12 at the KCC General Santos Convention and Events Center.
Dominguez expressed optimism about the project’s impact on the local economy, pointing out that any investment opportunities are potentially beneficial.
“Any kind of investment creates job opportunities, creates employment; any kind of investment will bring in skills and know-how, may lead to more industries, support industries, that can help propel or boil up our economies,” he said.
In his message during his keynote speech at MinBizCon, Sec. Go described the Philippines’ ongoing progress toward sustained economic growth and increased investments.
“Today, the country is embarking on a transformative journey on all fronts. Our GDP grew by 5.5 percent last year, which was the highest in all of Southeast Asia. In the first quarter, our GDP grew by 5.7 percent, and in the second quarter, our GDP grew by 6.3 percent,” Go shared, addressing the delegates.
He said the robust growth means that the Philippines ranks the first or second fastest-growing economy in Southeast Asia under President Ferdinand R. Marcos Jr.’s administration.
Also, he highlighted the administration’s successful implementation of several landmark legislations that have eased up major sectors of the economy, particularly the Foreign Investment Act, Public Service Act, Renewable Energy Act, and the Retail Trade Liberalization Act.
“These reforms have liberalized various sectors, including retail, air transport, shipping, renewable energy, toll roads, and telecommunications, among others. And in support of these, this administration has implemented several measures to enhance the ease of doing business and to reduce the cost of doing business,” he said.
He disclosed that Mindanao alone attracted over P200 billion in investment approvals between 2022 and 2024, based on data from the country’s investment promotion agencies, such as the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA).
He cited the sectors of mining power, gas, steam, and manufacturing, particularly the steel industry, as the primary recipients of these investments. Go also announced that the Japan-based R&I rating agency recently upgraded the Philippines’ credit rating from BBB+ to A-, signifying confidence in the country’s macroeconomic stability and high growth trajectory.
This upgrade, he said, affirms the nation’s fiscal improvements, boosting investor confidence.
“We have a ‘Road to A’ goal, which means that before we step down in 2028, we hope that the majority of these credit rating agencies rate the Philippines under the A category,” Go said.
He added that such an upgrade would lower interest rates for businesses and consumers.
Moreover, he pointed out that if the country receives an A rating, it implies a reduction in interest rates for businesses, improving credit availability, and enabling consumers to boost their spending due to reduced financing expenses.
“So ultimately, the ‘Road to A’ is about reducing the cost of doing business, which I hope is good news for all of you in the audience today,” the official told participants.
In addition to investments, Go noted how Mindanao has emerged as an increasingly important player in the country’s economy.
“Our peace efforts ushered in significant social economic development, evidenced by a 140-percent increase in investments in BARMM (Bangsamoro Autonomous Region in Muslim Mindanao) over the past year,” he said.
The 33rd Mindanao Business Conference, which ended on Sept. 13, featured a variety of topics with panel discussions and networking opportunities for all participants and stakeholders.
It aims to promote “collaboration and drive progress” not only in Soccsksargen but the entire Mindanao region. (HJF – PIA SarGen)
