A Davao City-based company in Zamboanga Sibugay, the Philippines, has begun construction of a 100-hectare industrial park and the country's first integrated section mill and smelter.

The chairman and chief operating officer of Mount Zynai Industrial Park (MZIP) said that the project cost about US$1 billion. In the first phase, 14.8 hectares of construction land has been acquired, and the construction has started on June 18. Building the MZIP helps stimulate the country's economy.

The 100-hectare park, half of which is used as a steel mill and smelter, and the other half as an industrial park, hopes to attract investment from local and foreign steel mills.

Once the steel mill and smelter are established, the goal is to produce 1.5 tons of steel per year and create up to 20,000 jobs.

The MZIP project was expected to take 3-4 years to complete.