Push Admin

As gov’t eyes Hanjin strategic investor, ex-Navy chief frets over national security

Article (news)

ABS-CBN News

<h3>Investors from China, other countries have shown interest</h3><p>MANILA—Local trade officials on Friday said they are ready to assist downturn-hit Hanjin Philippines in finding a so-called white knight investor.</p><p>Two Chinese companies have inquired about the local unit of the South Korean shipbuilder, according to the Department of Trade and Industry (DTI).</p><p>However, a former Philippine navy official believes the development is more than just a matter of trade or economics, but a &quot;very significant national security issue.”</p><p>Investors from Japan, Singapore and Indonesia are also interested, the DTI added.</p><p>“Ang kailangan masuportahan is, first, to assist in a possible investor, strategic investor coming from the industry to be the one taking over,” Trade Secretary Ramon Lopez <a href="https://news.abs-cbn.com/video/business/01/12/19/hanjin-ph-files-for-corporate-rehab">told reporters</a>.</p><p>Trade Undersecretary Ceferino Rodolfo added: “Si Hanjin nagpaparinig na dati that they are open to a joint venture, pero ’yung kino-quote nilang presyo for the whole thing . . . Halimbawa, if you want to take it over noong time na ’yon compared to the amount they quote to us yesterday, times six yata ’yung dati.” </p><p>Reeling from a global slowdown in shipping, Hanjin’s Philippine unit has sought court-assisted rehabilitation to pay 5 banks some $412 million.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/11/19/philippine-banks-seek-to-collect-millions-from-downturn-hit-hanjin">Philippine banks seek to collect millions from downturn-hit Hanjin</a></li></ul><p>Former Philippine Navy chief Alexander Pama, meanwhile, warned government and the business sector not to allow the shipyard to “fall into the wrong hands.”</p><p>He said such a move would “give the owners unlimited access to one of our most strategic geographic naval and maritime assets.”</p><p>“Let’s be aware that this Hanjin shipyard issue is not just about business, financial and other economic issues. This is a very significant national security issue,” Pama said in a Facebook post Saturday.</p><div><script src="https://connect.facebook.net/en_US/sdk.js#xfbml=1&amp;version=v2.5" async="" type="text/javascript"></script></div><div class="fb-post" data-href="https://www.facebook.com/alexander.p.pama/posts/10215553131075968" data-width="auto"> </div><p>“I urge our patriotic business community and the government not to allow Hanjin Shipyard to fall into the wrong hands!”</p><p>Pama served as Navy chief under President Benigno Aquino III from 2011 to 2012, when the country was locked in a standoff with Beijing at Scarborough Shoal, just 124 nautical miles from Zambales.</p><p>Subic Bay, located in Zambales, was previously the largest overseas naval facility of the US military until 1992. <strong>— With a report from Bruce Rodriguez</strong></p>

<p>Local trade officials on Friday said they are ready to assist downturn-hit Hanjin Philippines in finding a so-called white knight investor.<br /> </p>

Local trade officials on Friday said they are ready to assist downturn-hit Hanjin Philippines in finding a so-called white knight investor.