Government Service Insurance System (GSIS) signed a loan agreement with Steel Asia Manufacturing Corporation (SAMC) at the GSIS Financial Center, Pasay City to help build local steel manufacturing capabilities in the country.

The Development Bank of the Philippines (DBP), Philippine Business Bank (PBB) and the GSIS extended funding amounting to P11.45 billion, with GSIS lending P3 billion for the construction of a state-of-the-art medium sections mini-mill in Barangay Mataas na Bayan, Lemery, Batangas.

SteelAsia Manufacturing Corporation (SAMC), the largest steelmaker in the Philippines, supplies more than 80% of the steel bar requirements for land, air, sea, power, and communications infrastructure throughout the country.

“This partnership aims to assist SteelAsia and the steel sector. Together, we contribute to the country's growth story. Establishing a robust steel industry in the Philippines will facilitate cost-effective infrastructure development and create more job opportunities,” GSIS president and general manager Wick Veloso said at the signing ceremonies last week. 

The loan agreement underscores the GSIS commitment to align with the administration’s Build Better More (BBM) initiative, aimed at expanding infrastructure and housing programs and its support to growing the economy.