The Philippines Iron and Steel Institute (PISI) has stated that, due to the revitalization of the domestic housing construction sector, the country's steel industry is expected to see a year-on-year growth of at least 10 percent in 2012, as reported by local newspaper Manila Bulletin.
In 2011, the Philippines' steel industry grew by 3-5 percent., while in the first quarter this year it indicated growth of 10 percent, both year on year. The PISI stated that at present 3.7 million houses are under construction in the Philippines.