The Philippine government is weighing the use of the Maharlika Investment Corporation to jump-start the redevelopment of the long-idle former National Steel Corporation (NSC) site in Iligan City, a 500-hectare property seen as a potential anchor for a new industrial and investment hub.
Tereso Panga, head of the Philippine Economic Zone Authority (PEZA), said the agency is actively pitching the site to export-oriented investors. A partnership among Maharlika, the city government, and private firms is being explored to redevelop the property and secure its registration as a PEZA economic zone.
No master plan has been finalized, but officials are racing against time. Panga underscored the need to reclaim the property from the liquidator bank representing current owners, with the site nearing the end of its auction window. PEZA officials met local leaders on March 2 to align next steps.
For the city, the play goes beyond reviving a defunct steel mill. Mayor Frederick Siao said Iligan City is seeking a strategic partner to court credible investors once ownership issues are settled, with an eye toward diversified, long-term development.
Backing from the National Development Company and Maharlika could help bankroll infrastructure and de-risk early-stage investments—often the biggest hurdle for large brownfield projects.
If executed well, the redevelopment could restore Iligan’s industrial base, create jobs, and lift local revenues nearly three decades after NSC shut down in 1999 under a mountain of debt.
The proposal signals a more assertive role for Maharlika in domestic industrial policy, not just passive fund management.
But execution risks loom large as
unresolved ownership, the cost of rehabilitating legacy industrial land, and competition from established ecozones could temper investor appetite.
The upside is equally significant. Turning a stranded asset into a flagship project could test whether the Philippines can pair sovereign capital with private investment to revive heavy-industry corridors outside traditional growth centers.
