The Development Bank of the Philippines (DBP) has granted a P5-million loan to Tung Fong Industrial Co., Inc. to finance the manufacture, and increased production output, of its stainless steel buttweld pipe fittings product.
With its 21 years of experience, Tung Fong Industrial Co. has established itself in the steel manufacturing industry. The company has one of the widest production ranges in the industry, producing fittings in the shape of elbows, tees, reducers, stub ends, and caps, with sizes ranging from ½ inch to 12 inches.
With its raw material and final product conforming to the dimensions, physical, and chemical requirements of the American Society of Mechanical Engineers, Tung Fong Industrial Co. has found a lucrative market in the U.S. The stainless steel welded tube and pipe market is one of the most important segments of the whole stainless steel market. Last year, it accounted for 13% of the worldwide stainless steel flat products, and 10% of the total stainless steel market.
The loan is in line with DBP’s thrust to support sustainable projects that generate jobs and spur business activity, especially in the manufacturing industry.