HUILI Investment Fund Management Co. Ltd (Huili Fund) has earlier announced that it is ready to pour in US$4 billion for the country’s first fully integrated steel mill at the Phividec Industrial Estate in Tagoloan, Misamis Oriental.
Yet the year is about to end and no single nail is visible on the site — a 350 hectare Phividec property formerly occupied by Hanjin, but for political reason, or otherwise, this Korean shipbuilding conglomerate packed unceremoniously their bags early on before it hit the ground running.
Now here comes another billion dollar investment that seems already eaten up by time.
Because if we have to go through by the timeline for this project, the gestation period had already lapsed due to the rules that keep changing in the middle of the game.
Moreover, this steel project, a flagship of the Duterte administration appeared to have hit a corporate snag early even before the project could pour in its initial money.
This investment is targetted to generate about 10,000 jobs from the region. Upstream and downstream industries about 40,000-50,000 jobs.
Earlier, a MOA signing was forged between Huili Fund Philippines President Jun Hou; Phividec Administrator Atty. Franklin Quijano; Misamis Oriental Governor Yevgeny “Bambi” Emano ; and Simple Homes CEO and President Robertino Pizarro for the lease with option to purchase the 350-hectare property at Phividec.
Huili Baowu CISDI Integrated Steel Mill (HBCIS) is formed by China’s three leading companies – Huili Fund, Baowu Steel Group Corporation Ltd (China Baowu), and China Mettalurgical Group Corporation’s subsidiary, CISDI Group Co Ltd. (CISDI).
It was reported that China Baowu, the new technical partner to operate the steel mill, currently ranks first in China and second in the world as the largest steel producer in the world measured by crude steel output.
China Baowu is suppose to apply its state-of-art, green and intelligent technology in this steel plant.
Yet this project seems to remain a pipe dream with the current pace it hurdles in due diligence and compliance.(ruffy44_ph2000@yahoo.com)
