Arroyo Views Structural Map Of Shipyard Project At Subic Freeport
President Gloria Macapagal-Arroyo viewed Wednesday the structural map of the biggest shipyard facility in the country that the Hanjin Heavy Industries Inc. (HHII) (KSE:003480) of South Korea will construct at the Subic Freeport Zone.
Hanjin president Jeong Sup Shim and chairman Cho Yang Ho presented to the President three maps of the US$1 billion project that would make the Philippines a shipyard mecca during their courtesy call in Malacanang this morning.
"Congratulations. I am happy for your investment in the whole area of Redondo PeninsulaThank you for making your investment in the Philippines," the President said.
"We look forward to another launching of this (project) until its completion," she added.
When completed in 2010, the Subic shipyard project, to be located at the Green Beach One in the Redondo Peninsula in Subic, Zambales, would be the fourth biggest shipyard in the world.
The Korean investment which the Subic Bay Metropolitan Authority (SBMA) signed with Hanjin in August 2005, was supposed to be sealed during the Philippine visit last December of Korean President Roh Moo-Hyun but Hanjin Corp. requested for the postponement of the signing of the venture pending the construction of a road leading to the project site.
The Philippine government spent P150 million for the road which was completed last February.
The President was informed by SBMA Administrator Armand Areza during her visit to Iba, Zambales last February that "its all systems go" for the shipyard project.
The project could generate up to 15,000 jobs for Filipinos and would be a big boon to the governments fight against poverty.
The President is working hard on her administrations campaign to attract foreign investors as a major component of her program to improve the economy and create 10 million jobs by 2010.
The Hanjin Heavy Industries Inc. is one of the biggest shipyard companies in South Korea.
(PNA)
Hanjin president Jeong Sup Shim and chairman Cho Yang Ho presented to the President three maps of the US$1 billion project that would make the Philippines a shipyard mecca during their courtesy call in Malacanang this morning.
"Congratulations. I am happy for your investment in the whole area of Redondo PeninsulaThank you for making your investment in the Philippines," the President said.
"We look forward to another launching of this (project) until its completion," she added.
When completed in 2010, the Subic shipyard project, to be located at the Green Beach One in the Redondo Peninsula in Subic, Zambales, would be the fourth biggest shipyard in the world.
The Korean investment which the Subic Bay Metropolitan Authority (SBMA) signed with Hanjin in August 2005, was supposed to be sealed during the Philippine visit last December of Korean President Roh Moo-Hyun but Hanjin Corp. requested for the postponement of the signing of the venture pending the construction of a road leading to the project site.
The Philippine government spent P150 million for the road which was completed last February.
The President was informed by SBMA Administrator Armand Areza during her visit to Iba, Zambales last February that "its all systems go" for the shipyard project.
The project could generate up to 15,000 jobs for Filipinos and would be a big boon to the governments fight against poverty.
The President is working hard on her administrations campaign to attract foreign investors as a major component of her program to improve the economy and create 10 million jobs by 2010.
The Hanjin Heavy Industries Inc. is one of the biggest shipyard companies in South Korea.
(PNA)
posted by OlongapoCity Zambales at
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