THE Philippines wants to reduce its reliance on imported steel and is targeting to hit 86-percent domestic self-sufficiency by 2040.
This goal is part of the Philippine Iron and Steel Road map 2026-2040, which was presented by the Board of Investments (BOI) during the 2nd Asean Steel Policymaker Conference and 2026 Asean Iron and Steel Forum.
The plan also aims for 29 million metric tons (MT) of apparent steel consumption — an estimate of demand — and 25 million MT of finished steel output.
Rose Marie Mendoza, acting director of the BOI’s Manufacturing Industries Service, said the road map outlined the country’s aspiration to establish a sustainable, globally competitiveanddistinctly Filipino iron and steel sector amid rising demand across the region.
Recent projections show that steel demand in the Asean-6 will exceed 90 million metric tons in 2026 after reaching an estimated 87 million MT in 2025.
“These figures reflect the region’s rapid urbanization, infrastructure development, industrial expansionandgrowing manufacturing base,” Trade Undersecretary Ceferino Rodolfo said.
He said the road map aimed to advance the industry from incremental growth to an integrated, competitiveandresilient steel value chain.
Rodolfo said the long-term goals of the road map were to increase domestic production, lessen excessive reliance on imports, draw investments in key steel sectors, create high-quality jobsandbolster the industry’s contribution to national industrialization.
Mendoza gave an overview of the Philippine iron and steel industry, and underscored ongoing initiatives aimed at enhancing local manufacturing capabilities.
The include investments from SteelAsia and Panhua that will be bolstered by policy reforms and investment support measures such as the Create More law, Executive Order 18 on Green Lanes and the 2026 Strategic Investment Priority Plan.
As the Philippines’ main agency for promoting investment and developing industries, the BOI said it would continue to support the growth of the iron and steel industry as a key part of the country’s plan to industrialize.
