Korean to invest $684M more in Subic
Hanjin Heavy Industries and Construction (HHIC) of South Korea will infuse an additional $684 million on top of its original commitment of $1 billion into its shipping project at the Subic free port, the Subic Bay Metropolitan Authority (SBMA) said.
The SBMA quoted HHIC director and general manager Shim Jeong Sip as saying that the new investment would finance the expansion of Hanjin’s shipyard in Subic.
At present, HHIC directly employs 5,315 shipbuilding employees and an average of 5,000 construction workers.
With its expansion plans, the company expects to increase the number of direct jobs it will generate to 13,000 by next year and to 15,800 by 2011. It had originally projected to employ only 7,000 for its Subic project.
The company’s expansion plans are also expected to translate into even more indirect jobs resulting from the increased activities and number of HHIC’s supply chain and support industries. These indirect jobs are conservatively estimated to reach between 10,000 and 20,000.
In other port projects, the SBMA is set to turn over the operation and management of the new container terminal 1 to Subic Bay International Terminal Corp. within this month.
Also nearing completion is the new container terminal No. 2, which was more than 96-percent completed as of mid-June. Its privatization process is scheduled to begin in October.
When fully operational, the two new port facilities will increase the capacity of the Port of Subic from to 600,000 TEUs (twenty-foot equivalent units) from 100,000 TEUs.
The operations of the new terminals are also expected to gain headway as the movement of goods and services between Subic and the Clark-Tarlac area is facilitated with the completion of the Subic-Clark-Tarlac Expressway in phases, starting this year.
These developments are expected to improve cargo traffic in the free port and further promote it as a shipping hub.
Actual ship calls at the Port of Subic grew by more than 20 percent in the first half of 2007. SBMA attributed the increase to the arrival of more domestic vessels carrying equipment and materials for Hanjin.
As for other top investment projects, tailing HHIC were Redondo Peninsula Energy Inc. with $431.64 million; KT Global Subic Inc. with $127 million; and Subic Bay International Terminal Corp. with $89.13 million.
The rest of the top 10 were Philip Morris Philippines Manufacturing Inc. (P20 million), Shin Young’s Corp. (P5.37 million), Baypointe Hospital and Medical Center Inc. (P4 million), Pacific Pearl Airways Commercial Corp. (P2.13 million), Orient Pearl Entertainment and Management Ltd. (P1.43 million), and Carag and Cook C4 Solutions Inc. (P1.39 million).
By Riza T. Olchondra - - Inquirer
The SBMA quoted HHIC director and general manager Shim Jeong Sip as saying that the new investment would finance the expansion of Hanjin’s shipyard in Subic.
At present, HHIC directly employs 5,315 shipbuilding employees and an average of 5,000 construction workers.
With its expansion plans, the company expects to increase the number of direct jobs it will generate to 13,000 by next year and to 15,800 by 2011. It had originally projected to employ only 7,000 for its Subic project.
The company’s expansion plans are also expected to translate into even more indirect jobs resulting from the increased activities and number of HHIC’s supply chain and support industries. These indirect jobs are conservatively estimated to reach between 10,000 and 20,000.
In other port projects, the SBMA is set to turn over the operation and management of the new container terminal 1 to Subic Bay International Terminal Corp. within this month.
Also nearing completion is the new container terminal No. 2, which was more than 96-percent completed as of mid-June. Its privatization process is scheduled to begin in October.
When fully operational, the two new port facilities will increase the capacity of the Port of Subic from to 600,000 TEUs (twenty-foot equivalent units) from 100,000 TEUs.
The operations of the new terminals are also expected to gain headway as the movement of goods and services between Subic and the Clark-Tarlac area is facilitated with the completion of the Subic-Clark-Tarlac Expressway in phases, starting this year.
These developments are expected to improve cargo traffic in the free port and further promote it as a shipping hub.
Actual ship calls at the Port of Subic grew by more than 20 percent in the first half of 2007. SBMA attributed the increase to the arrival of more domestic vessels carrying equipment and materials for Hanjin.
As for other top investment projects, tailing HHIC were Redondo Peninsula Energy Inc. with $431.64 million; KT Global Subic Inc. with $127 million; and Subic Bay International Terminal Corp. with $89.13 million.
The rest of the top 10 were Philip Morris Philippines Manufacturing Inc. (P20 million), Shin Young’s Corp. (P5.37 million), Baypointe Hospital and Medical Center Inc. (P4 million), Pacific Pearl Airways Commercial Corp. (P2.13 million), Orient Pearl Entertainment and Management Ltd. (P1.43 million), and Carag and Cook C4 Solutions Inc. (P1.39 million).
By Riza T. Olchondra - - Inquirer
posted by OlongapoCity Zambales at
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