Bullish on the infrastructure boom in the Philippines, a Hong Kong-based firm is beefing up its presence in the country through its partnership with local steel trader, Mannage Resources Trading Corp. (MRTC).
In a statement, SIICGM (Hong Kong) Development Limited said it was seeking a slice of the lucrative market for reinforcing steel bars used for infrastructure projects such as buildings, roads and houses.
As such, SIICGM and MRTC started importing 12-millimeter weldable rebars from China last March 2016.
Moving forward, the firm said it would increase the volume and rebar size offerings as it positions to become a major supplier of high quality but affordable steel products in the Philippines.
“We’re happy to be part of the Philippines’ infrastructure development,” the company said, “SIICGM, in partnership with a group of dynamic Filipino entrepreneurs, wants to be an aggressive and socially responsible player in the local steel industry.”
With the global experience and financial muscle of its parent company, SIICGM and its local partner MRTC are bullish on their new venture.
SIICGM is a subsidiary of SIIC Shanghai International Group Co., Ltd., formerly known as Shanghai Industrial Investment (China) Co., Ltd. The company is engaged in various businesses from minerals to consumer goods. Its annual turnover in 2015 was over $1.5 billion.
Aside from steel, SIICGM is also looking at other investment opportunities in the Philippines.
“We started with steel but we’re open to other potential investment areas, especially under the new administration of President Rodrigo Duterte,” the company said.
MRTC, SIICGM’s local partner, is also optimistic about the new venture.
“We’re happy to be SIICGM’s partner in importing steel bars that meet international and local quality and safety standards,” MRTC president Lawrence Sy said.
In March, the company imported 5,000 metric tons of 12-mm Grade 275 weldable deformed steel bars.
Sy said TUV Rheinland, SGS-CSTC Standards and Technical Services Co., Ltd. in Shanghai, China, the Department of Trade and Industry’s Bureau of Product Standards, and the Metals Industry Research and Development Center (MIRDC) of the Department of Science and Technology have checked and certified that the 12-mm rebars imported by MRTC from China meet all the required safety and quality standards.