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$1.6-billion investment for steel mill in Iligan

Oct. 18, 2007

President Gloria Macapagal-Arroyo got one of the biggest investments worth $1.6-billion for the establishment of the first large steel mill in Iligan City, Lanao del Norte.

In her three-day recent visit to India, the President got more than $2-billion worth of trade and investments one of which is the $1.6-billion investment from Ispat Industries Ltd. for the putting up of the large steel mill in Iligan City which is expected to generate more jobs for the people of the province.

Some Indian companies have committed to set up call centers and training facilities in Manila, Camarines Sur, Iloilo, Davao and other provinces in the country.

Agreements were also signed with the Indian government for the continuous supply of low-cost medicines into the Philippines in support of the governments program to cut in half the price of medicines commonly bought by the poor.

A Memorandum of Agreement (MOA) between the Philippine International Trading Corporation and the Indian State Trading Corporation was signed for the purchase of $35-million worth of quality but affordable medicines from India.

Another MOA was signed between Panacea Biotech Ltd. of India and Family Vaccine and Specialty Clinics Inc. of the Philippines for the importation and distribution of medicines and vaccines leading to the setup of 100 additional clinics providing quality and affordable health care to at least 500,000 Filipinos. (PIA Dispatch/rbp)

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