Film-faced / shuttering plywood is a structural panel which has a phenolic film forming its outer surfaces and which is compressed in a hydraulic hot-press at a much higher pressure than used in the manufacture of ordinary plywood. The phenolic film is made up of a Kraft paper which is completely infused and reinforced with Phenol Formaldehyde synthetic resin, so as to impart airtightness to moisture, a high degree of gloss, and wear resistance. Film facing, therefore, imparts higher re-usability to the plywood, and superior smoothness to concrete.