Hanjin Shipping to build -B shipyard at Subic
Hanjin Shipping, one of the largest shipping companies in South Korea, finally made official its plan to build the country’s biggest shipyard here which is estimated to cost US$ 1 billion in committed investment.
Subic Bay Metropolitan Authority (SBMA) Chairman Feliciano G. Salonga said yesterday that the plan is a step forward to the development of an agreement signed between the SBMA and Hanjin Shipping officials sometime last year.
"The agreement that was signed last August 2005 covers the basic principles governing the lease of parcel of lands in the Redondo area inside the Subic Bay Freeport as the future site of the new Hanjin shipyard," Salonga said.
He added that the decision of the Hanjin management to pursue its plan to establish a shipbuilding plant in Subic will generate more than 30,000 direct and indirect job opportunities. This will also put the Philippines in the world map of large scale shipbuilding.
Salonga further explained that the project would also complement the ongoing construction of the new container port under the Subic Port Development Project, as well as the Subic Clark Toll Road Project that are being funded by the Japan Bank for International Cooperation (JBIC).
"They (Hanjin) will form part of the SBMA’s contributions to the realization of President Gloria Macapagal Arroyo’s ten-point economic agenda," SBMA Administrator Armand C. Arreza said.
Arreza also noted that efforts of the SBMA in promoting the Subic Bay Freeport as among the ideal investment places in the region to the investment communities abroad, including investors from Taiwan, Korea, and Vietnam.
"The year of the fire dog barks good fortune for the Subic Bay Freeport as we are about to start laying roads of development in this side of the Redondo Peninsula in the Freeport’s neighboring town of Subic, Arreza said.
It was reported earlier that Hanjin Shipping aims to generate some .52 billion in sales this year, or 4.8 percent increase from its 2005 sales. Hanjin is also targeting to double its investment to 0 million this year. Manila Bulletin
Subic Bay Metropolitan Authority (SBMA) Chairman Feliciano G. Salonga said yesterday that the plan is a step forward to the development of an agreement signed between the SBMA and Hanjin Shipping officials sometime last year.
"The agreement that was signed last August 2005 covers the basic principles governing the lease of parcel of lands in the Redondo area inside the Subic Bay Freeport as the future site of the new Hanjin shipyard," Salonga said.
He added that the decision of the Hanjin management to pursue its plan to establish a shipbuilding plant in Subic will generate more than 30,000 direct and indirect job opportunities. This will also put the Philippines in the world map of large scale shipbuilding.
Salonga further explained that the project would also complement the ongoing construction of the new container port under the Subic Port Development Project, as well as the Subic Clark Toll Road Project that are being funded by the Japan Bank for International Cooperation (JBIC).
"They (Hanjin) will form part of the SBMA’s contributions to the realization of President Gloria Macapagal Arroyo’s ten-point economic agenda," SBMA Administrator Armand C. Arreza said.
Arreza also noted that efforts of the SBMA in promoting the Subic Bay Freeport as among the ideal investment places in the region to the investment communities abroad, including investors from Taiwan, Korea, and Vietnam.
"The year of the fire dog barks good fortune for the Subic Bay Freeport as we are about to start laying roads of development in this side of the Redondo Peninsula in the Freeport’s neighboring town of Subic, Arreza said.
It was reported earlier that Hanjin Shipping aims to generate some .52 billion in sales this year, or 4.8 percent increase from its 2005 sales. Hanjin is also targeting to double its investment to 0 million this year. Manila Bulletin
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