MANILA: The Philippines on Tuesday (Sep 2) opened a shipyard its president sees as part of a shipbuilding revival and its South Korean operator views as a future “strategic hub” for its expanding relationship with the United States.
The ceremony at Subic Bay, north of Manila, marked the start of construction on a 115,000-tonne petrochemical carrier by HD Hyundai’s shipbuilding division, the first of four ordered by an “Asia-based shipping company” in December.
Speaking at the former US naval base home, President Ferdinand Marcos said his government was “reviving shipbuilding” in the country with the new facility, touting a near-doubling of capacity to 2.5 million tonnes.
“This means that we can accommodate vessels with higher volumes, boost our export potential and create more jobs for our Filipino workers,” Marcos told an audience that included the US and South Korean ambassadors.
“By 2030, we look forward to this yard employing 4,300 Filipinos,” he said.
In a statement, HD Hyundai said the Philippine shipyard would “play a crucial role in regaining competitiveness” in the bulk carrier and tanker segments now led by China.
The company also said it was seeking to position the yard as “a strategic hub for the MASGA project”, or Make American Shipbuilding Great Again, a Trump administration push to overhaul the industry to catch up with China.
HD Hyundai told AFP separately it hopes to build at least four medium- to large-sized vessels a year at the facility.
Last month, South Korean Finance Minister Koo Yun-cheol said Seoul’s commitment to helping the US effort had played a role in helping it strike its tariff deal with Washington.
The Philippines has a long-standing relationship with Hyundai, having purchased a total of four warships from the company in the past decade.
Earlier this month, it took possession of the first of two corvette-class warships with “advanced weapons and radar systems” from the company amid growing pressure from Beijing in the disputed South China Sea.
HD Hyundai signed a deal in May last year with US-based Cerberus – owner of the Subic Bay facility since 2022 – to lease a portion of the shipyard with the intent of also building offshore wind turbines.
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