Olongapo SubicBay BatangGapo Newscenter

Thursday, March 30, 2006

Hanjin Shipbuilding Impact

To the Point
Emil Jurado, Manila Standard

There has been no media hype, but the ship-building facility to be constructed in Subic by the Korean firm Hanjin Shipping and Industrial Co. Ltd. will have a far-reaching impact on the economy of the surrounding communities and the whole country as well.

The project is said to be the biggest ship-building venture in the country and will cost some $1 billion, or more than P51 billion at the current exchange rate. Reportedly, this will mean some 20,000 jobs during the construction phase and when actual operation starts, this will open employment opportunities for about 7,000 wielders and painters alone.

Subic Bay Metropolitan Authority, the provincial officials of Zambales, Subic officials and residents of the site where the facility is located, have cooperated beautifully to jumpstart the project. The 196 families in the 50-hectare site affected by the initial construction have agreed to be relocated and have received compensation for their homes and crops. In addition, at least one qualified family member will be employed in the project.

The Korean may have started the South Korean invasion of the country with their “kimchinovelas,” watched by hundreds of thousands over television. The Korean invasion of the economy is also just as real.


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