Thursday, October 29, 2020

PSCIC, Requesting For The Acquisition Of NSC Properties

(Thursday,  1th day of October 2020)


Philex Steel Composite Industries Corporation (PSCIC) represented by its President and Chief Executive Officer, Mrs. Elena Baguio Lucman, is requesting for the acquisition of the former National Steel Corporation (NSC) properties of 450 hectares located at Macapagal Ave., Suarez, Iligan City together with the hot mill, cold mill, billet plant, tinning line, 14-meter draft piers, and support facilities therein as stated on the 1st endorsement dated September 28, 2020.

Former real estate properties and accessories of the National Steel Corporation located in Iligan City were acquired by the City of Iligan thru a tax delinquency auction sale held on October 19, 2016, for the failure of the corporation to pay the proper real property tax on the said properties from the last quarter of 1999 to September 2016. The final deed of sale was executed by the City Treasurer in the favor of the City of Iligan.

PSCIC was able to comply with the legal, technical, and financial requirements as set forth in the laws and regulations mentioned in the endorsement. The technical working group assembled by the City of Iligan is currently in communications with PSCIC and both entities are now formalizing their eligibility requirements they promise to submit within October 2020.

The City of Iligan is currently the owners and possessors of all former NSC assets in Iligan City and the city cannot afford to commit the same mistakes the previous owners of the plant committed and the duly elected officials are working to make sure that this acquisition would be seamless and ensure the well being of the residents and the future generations of Iliganons.


– Kristoff S. /CIO-Web