Philippines lifts incentives for downstream steel industry

Philippines lifts incentives for downstream steel industry

According to recent industry news, Philippine Board of Investments (BOI) has recently lifted fiscal and non-fiscal incentives provided to downstream iron and steel industries with the purpose of encouraging investors to invest upstream industry. An official from BOI stated that the downstream iron and steel products are to be excluded from the fiscal and non-fiscal incentives under the scope of Philippine Iron and Steel Act (Republic Act 7103). Accordingly, producers of primary and intermediate steel products such as refined iron ore, ingot, slab, billet, plate, hot rolled coils and cold rolled coil, bars and rods will no longer be entitled to incentives.