Hyundai Set to Expand Its Shipbuilding Operations to Subic Bay
Hyundai is eyeing Subic for its new shipbuilding drydocks by the end of 2023, the Presidential Communications Office (PCO) confirms in a release.
Formerly known as Hyundai Heavy Industries, the company is one of the most illustrious shipbuilding groups in the world. With it comes additional investments for the government toward the improvement of Subic ports, one of the largest in Southeast Asia.
Its expansion will focus on the Subic shipyard, where Cerberus Global Investment LLC acquired the Hanjin port at the Subic Bay Freeport back in 2022. Cerberus has so far invested about $40 million to revive the shipyard's operations.
President Ferdinand "Bongbong" Marcos Jr. had previously met with officials of Cerberus, together with former US vice president James Danforth Quayle last Friday, May 12.
“We’re all very excited about this project and… we have always tried to find a way to regain our position in the shipbuilding. We were already number 2 for a while and then when Hanjin closed,” President Marcos said of the meeting. The PCO added that the move would generate roughly 5,000 to 15,000 jobs.
Both Hyundai and Subcomm are poised to facilitate economic activity in Subic. According to the PCO, the Cerberus partnership should also improve the Subic airport for logistics, aligning with the government's plans for a Subic Bay Metropolitan Authority. The global alternative investment firm is also expected to invest in the Philippines' semiconductors and energy sectors. Its subsidiary, Subcomm, will also move to the area this coming August.
Currently, the Philippine Navy has an operating base out of Subic, where 800 personnel are stationed.