On May 26, 2025, China's Panhua Group successfully produced the first coil of color-coated steel at its Philippine integrated steel complex. Located in Maasim, Sarangani province, the US$3.5 billion (around CNY 25 billion) project is one of China's largest industrial investments in the Philippines.

This planned investment includes establishing a comprehensive manufacturing hub, including a steel plant, port operations, an industrial park, and supporting power plants. Upon completion, the facility is expected to significantly reduce the Philippines' reliance on imported steel, cut infrastructure costs, and lessen trade deficits.

The project is expected to create at least 25,000 jobs, with 20,000 for Filipinos. It will also strengthen Panhua's strategy in the growing construction steel demand in Southeast Asia.