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Manila Bulletin devider Business devider BOI approves Real Steel's P10-B project for green lane processing

BOI approves Real Steel's P10-B project for green lane processing

Published Nov 8, 2023 08:32 am

Real Steel Corporation (RSC) has been formally granted a "green lane" certificate of endorsement from the Board of Investments (BOI) for its P10.307 billion rolling mill project and as a new domestic producer of reinforcing steel bars (rebar) in Pampanga.

Real Steel’s domestic rolling mill project is among 16 projects endorsed by the BOI under Executive Order No. 18 (EO 18), which provides green lane processing for strategic investments.

BOI approved the project last Oct. 26, contributing to total green lane investments of P336 billion.

“Real Steel commends the BOI for promoting a green lane initiative as this will boost more interest amongst investors and further boost domestic production capability and self-sufficiency,” RSC Chief Financial Officer William T. Chen said.

“We are dedicated to spearheading sustainable practices within the steel industry, and this endorsement is a testament to our continuous efforts to drive sustainable business practices. It not only showcases our commitment to innovation but also highlights our dedication to sustainability and economic progress,” he added.

Real Steel’s rolling mills operation is set to produce 600,000 metric tons of reinforced steel bars per annum, which targets to operate by the last day of December next year.

The steel manufacturer has also been actively revamping its facilities and equipment, aiming to introduce a cutting-edge 16.8 megawatt-peak (MWp) rooftop solar photovoltaic (PV) system at its advanced manufacturing facility located in San Simon, Pampanga.

By implementing the largest rooftop solar PV system in the Philippines, the manufacturer is accelerating the production of lower-carbon high-quality steel products for the local market.

This investment in renewable energy technology is anticipated to significantly reduce operational expenses for Real Steel while limiting its carbon footprint.

“BOI prioritizes the creation of integrated steel mills, utilizing local resources such as steel scrap and relying less on imported billets. Real Steel’s strategic efforts in sustainable practices, including its efforts in acquiring LEED and ISO certifications, as well as the recent solar rooftop project, are laudable steps toward a greener and more sustainable future for the steel industry in the Philippines,” said Marjorie O. Ramos-Samaniego, Governor, Board of Investments.

In February, President Bongbong Marcos signed EO 18 to expedite, streamline, and automate government processes for strategic investments, significantly contributing to making the Philippines more competitive in attracting foreign direct investments, complementing landmark economic reforms such as the Foreign Investments Act, the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, and relaxed foreign equity participation in the renewable energy sector.

The BOI endorsement signifies Real Steel’s commitment to leveraging advanced technology and environmentally conscious practices while contributing to the larger government objective of improving the business landscape and attracting foreign direct investments.

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