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Children enjoy the sunset at Subic Bay. Jonathan Cellona, ABS-CBN News

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Subic Bay

Joyce Balancio

ABS-CBN News

MANILA -- President Ferdinand Marcos Jr on Tuesday welcomed the announcement of the partnership between South Korea&#x27;s shipbuilding company, HD Hyundai and the US investment firm, Cerberus, for the use of a portion of Subic for shipbuilding business. Marcos said the finalization of the lease agreement on a portion of the Agila Subic shipyard will bring maritime manufacturing back to Subic and eventually &quot;restore the glory days of shipbuilding&quot; in our country.  Cerberus acquired the Subic shipyard in 2022 and invested around $40 million to revive its shipyard operations.HD Hyundai intends to use its drydocks for the shipbuilding business, potentially boosting the economic activities in the area, Marcos said. &quot;Not only would it generate thousands of jobs, but also enable the transfer of critical skills and improve the Philippines’ position in the global market,&quot; Pres. Marcos said.  The President also encouraged HD Hyundai to partner with the Commission on Higher Education (CHED) and Technical Skills Education Development Authority (TESDA) for upskilling and reskilling the Filipino workforce in the shipyard industry.&quot;They will not only bring their skills to your company, but the brand of dedication, compassion, and hard work that has become the trademark of the Filipino worker,&quot; he said.Hanjin Heavy Industries used to operate the shipyard, employing around 20,000 workers until the South Korean firm declared bankruptcy in 2019.

Marcos said the deal will bring maritime manufacturing back to Subic and eventually "restore the glory days of shipbuilding" in our country.

Marcos said the deal will bring maritime manufacturing back to Subic and eventually "restore the glory days of shipbuilding" in our country.

Subic shipbuilding eyed to return following HD Hyundai-Cerberus lease deal

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Subic shipbuilding eyed to return following HD Hyundai-Cerberus lease deal

Joyce Balancio,

ABS-CBN News

Published May 14, 2024 09:04 PM PHT

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Updated May 29, 2024 02:45 PM PHT

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Subic

HD Hyundai

Cerberus

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