SteelAsia Manufacturing Corp. asked the government to create an iron and steel authority to serve as the regulatory body that will guide the industry.
SteelAsia president Ben Yao said the existing Industry Development Council created by the Trade Department was a good start for the government and the private sector to craft policy and set standards for the core industries. However, he said certain core industries, including steel, required more focus and attention due to the technical demands and special circumstances.
“This is why all our neighbors have special bodies to coordinate policies, monitor the industry’s development, set standards and so forth. All of them, Malaysia, Thailand, Indonesia, China—have their own Iron and Steel Authority. It is time for the Philippines to have its own,” he said.
The industry noted the need for the government to sharpen its policy to support cutting edge manufacturing particularly in a competitive, market-driven environment. It said industrial policies must be biased in favor of the efficient, of the technologically driven and of the enterprises driven by a passion for excellence.
Yao said steel is the mother of all manufacturing. “Every emerging economy today needs core industries such as steel, petrochemicals and semi-conductors. Around these core industries, other manufacturers could be supported. Government policy must clearly support the core industries if it wants a manufacturing base,” he said.