Subic Bay aerial view in the 1990s.
The President of the Philippines, Ferdinand Marcos Jr., has confirmed that South Korea’s Hyundai Heavy Industries (HHI) is entering Subic, partnering with American investment company Cerberus, which recently acquired leasing rights to the former Hanjin Shipyard.
HHI is set to utilize two dry docks for shipbuilding and servicing, initially focusing on commercial shipbuilding. However, the company remains open to potential military projects, given its track record with the Philippine Navy. There are discussions with the US Government regarding potential involvement in servicing or building ships for the US Navy.
The move aligns with the Marcos administration’s goal to restore the Philippines to its former status as the one of the world’s largest shipbuilder countries, a position lost when Hanjin went bankrupt and ceased operations in Subic.
President Marcos sees the company’s arrival as an opportunity to rejuvenate the shipbuilding industry in the Philippines. HHI has committed to invest $550 million over the next decade, with a focus on offshore wind platforms initially, and is anticipated to create significant employment opportunities.
Cerberus, in partnership with the South Korean company, has secured a portion of the former Hanjin shipbuilding facility in Subic, with plans to revitalize operations and contribute to the region’s economic growth.
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