Olongapo SubicBay BatangGapo Newscenter

Thursday, July 23, 2009

Hanjin to spend $86M more in Subic facility

HANJIN Heavy Industries and Construction Corp (HHICC) is making an additional $86 million in capital infusion in its Subic shipbuilding facility.

The Subic Bay Metropolitan Authority (SBMA) said Hanjin has registered a new investment with the agency for the production of ship components at the Subic facility.

The SBMA said the capital infusion would be committed in two parts: $29million starting September this year, and $57 million next year and onwards.

By September, Hanjin will begin local production of ship components which they normally import from Korea for the assembly of ships at the Subic shipyard.

This will make the ships produced at the Hanjin shipyard in Subic, entirely Philippine-made.

As of 2008, Hanjin has invented $1.6 billion for the facility. As of January,it had 16,874 employees working in Subic.

The entry of Hanjin into the country has made the Philippines the fourth largest shipbuilder in the world.

Hanjin is now Subic’s leading exporter with freight-on-board (FOB) value of $179.36 million n the first quarter.

The company started operations in Subic in 2006. The first oceangoing vessel constructed in Subic by Hanjin was delivered in 2008.

Hanjin is expected to continue boosting Subic’s revenue and employment generation programs vy turning out 15 new container vessel this year.

By 2016, Hanjin will manufacture the world’s largest gas tanker and cargo ship in this facility.

--By. Irma Isip – Malaya

Labels: , , , ,


Post a Comment

<< Home


This is a joint private blog of volunteers from Subic Bay. It is being maintained primarily to collate articles that may be of importance to decision making related to the future of Subic Bay and as a source of reference material to construct the history of Subic Bay.

The articles herein posted remains the sole property of original authors and publications which has full credits to the articles.

Disclaimer: Readers should conduct their own research and due diligence before using any article herein posted for whatever intended purpose it may be. This private web log will not be liable for any loss or damage caused by a reader's reliance on information obtained from volunteers of this private blog.

www.subicbay.ph, http://olongapo-subic.com, http://sangunian.com, http://olongapo-ph.com, http://oictv.com, http://brgy-ph.com, http://subicbay-news.com, http://batanggapo.com 16 January 2012