ARTPHOTO_STUDIO-FREEPIKteel manufacturing is fundamental in the industrialization of any economy. The Philippines was the second Asian nation to build a steel manufacturing plant, in Iligan City, Mindanao. It was envisaged to be the basis for the rapid industrialization of the country.
But what we lacked in oil and gas was compensated for by a rich cache of iron, copper, gold, and nickel. With that, President Garcia set out to build on our mineral resources to foster rapid industrialization. He figured that as the country grew in wealth on the back of industry, importing oil would have less financial consequences.
President Garcia agreed and shares of NASCO went through a long, protracted bidding process that lasted four years. In the end, industrialist Don Fernando Jacinto won the bid. NASCO was renamed Iligan Integrated Steel Mills, Inc. . It was 1962 by this time and the loan proceeds were no longer enough to purchase the equipment needed for IISMI to become a fully integrated steel mill. IISMI availed of the loan which government guaranteed through the Development Bank of the Philippines .
In succeeding years, the peso depreciated further and IISMI was struggling to pay its dollar denominated debts. It turned to government for help. But instead of extending assistance, the DBP foreclosed on IISMI and went after its assets.
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