More potential business opportunities in Subic Freeport after US trade mission

A United States delegation is eyeing more potential business opportunities here as part of a profile business mission in line with the initiatives of the Luzon Economic Corridor (LEC). 

According to SBMA Chairman and Administrator Eduardo Jose L. Aliño, the delegates from the U.S. Northeast, Midwest, and West Coast regions visited on July 8, 2026 to participate in the said business mission that will strengthen partnerships, expand business opportunities, and foster a prosperous future for both U.S. and Philippine enterprises.

With the theme “Driving the Future of U.S.–Philippine Trade Through Innovation,” Aliño said that the mission reflects the SBMA's commitment to enhancing international cooperation and economic growth within the Subic special economic zone.

The delegation, composed of 25 executives and investors, conducted comprehensive discussions, site visits, and networking activities with SBMA officials and Subic company officials, all designed to showcase the potential and advantages of investing in the SBFZ. 

Subic Bay Freeport Chamber of Commerce (SBFCC) President Benjamin Antonio III, together with SBFCC Executive Director Donna May Tamayo also joined to take part in a rare opportunity to build strong, lasting business relationships that will drive economy not only in the Subic special economic zone but ultimately the country as a whole.

The Philippine Trade and Investment Center (PTIC) in New York, the facilitator of the said U.S. Business Mission to the Philippines, said that the main goal of the trip is to create stronger economic ties and encourage more US companies to invest in the country’s growing economy.

Aside from Subic Bay Freeport, the delegation also visited areas in Manila, Clark, and Corregidor Island to conduct business meetings, informational briefings, and tours of these major economic areas that are part of the LEC.

“The trip comes at a time when the Philippines is actively working to welcome international businesses and establish itself as a key partner for US companies looking to grow in Asia,” the PTIC said.

Officials from Worldwide Shipping & Logistics (WSL), who were also part of the delegation, said that these engagements strengthened economic cooperation and opened new opportunities for trade and investment between the United States and the Philippines.

WSL Co-Founder Mrs. Richelyn Toth and General Manager Ms. Sherilyn Mecinas were among the 25 delegates who participated in high-level meetings, investment discussions, site visits, and strategic networking opportunities with leaders from government, industry, and the private sector. 

The said business mission follows the Philippines’ inclusion in the Washington-backed Pax Silica bloc — an initiative aimed at securing global artificial intelligence (AI) supply chains.

As part of Pax Silica, the Philippines and the US announced in April, plans to develop a 1,618-hectare AI-native hub in New Clark City in Tarlac, which is expected to attract investment in AI and chip manufacturing. (MPD-SBMA) 

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FOCUS: Subic Bay Rising: The Strategic Heart of the Luzon Economic Corridor

The Luzon Economic Corridor (LEC) is rapidly transforming from an ambitious infrastructure vision into what could become one of the most important economic development programs in Philippine history.

Anchored on the strategic growth corridor linking Subic Bay, Clark, Manila, and Batangas, the initiative aims to modernize logistics, strengthen energy security, improve connectivity, and position the Philippines as a major manufacturing and supply-chain hub in the Indo-Pacific.

At the center of this transformation is the Subic Bay Metropolitan Authority and the broader Subic Bay Freeport Zone — a location increasingly viewed not only as a logistics center, but also as a strategic hub for energy, transportation, advanced manufacturing, aviation, and maritime industry.

From fuel infrastructure and freight railways to logistics, shipbuilding, and airport development, Subic Bay is becoming one of the Philippines’ most critical economic gateways.

Why Subic Bay Matters

Among the four major nodes of the Luzon Economic Corridor, Subic Bay possesses several strategic advantages that few locations in Southeast Asia can replicate.

The Port of Subic is one of the country’s deepest natural harbors, naturally protected from typhoons and positioned along vital regional shipping routes facing the West Philippine Sea and the broader Indo-Pacific region.

Unlike many developing industrial hubs, Subic already has a functioning Freeport ecosystem with modern roads, industrial estates, customs incentives, international port facilities, and direct access to major transport networks such as the Subic–Clark–Tarlac Expressway.

These advantages make Subic uniquely suited to serve as the western maritime gateway of the Luzon Economic Corridor.

Strengthening Energy Security Through Philippine Coastal Storage and Pipeline Corporation

One of Subic Bay’s most strategically important — yet often overlooked — assets is the facility operated by Philippine Coastal Storage and Pipeline Corporation.

Located within the Subic Bay Freeport Zone, the terminal is considered the largest independent petroleum import storage facility in the Philippines, with approximately 6.3 million barrels of storage capacity representing over 20 percent of the country’s total fuel import storage capability.

The facility plays a critical role in ensuring stable fuel supply for Metro Manila and Northern Luzon through its deep-water jetties, large-scale storage tanks, and fuel distribution infrastructure.

Beyond its existing operations, PCSPC is also planning the development of a new Subic-Clark pipeline system that would further strengthen fuel transport and energy logistics between Subic Bay and Central Luzon. The proposed project is expected to enhance the long-term energy infrastructure supporting the Luzon Economic Corridor.

Once pursued, the planned pipeline would help improve fuel distribution efficiency, reduce dependence on congested road-based fuel transport, and support the growing industrial, aviation, and logistics requirements of the Subic and Clark growth areas.

As global supply chains face increasing geopolitical uncertainty, energy infrastructure has become inseparable from national economic resilience.

This is why the PCSPC facility is highly significant within the Luzon Economic Corridor framework.

The terminal provides the Philippines with strategic fuel storage capability that supports industries, transportation networks, aviation operations, manufacturing facilities, and emergency energy reserves. Its location in Subic Bay also allows large fuel tankers to dock efficiently outside the congested Manila area.

Recent international investments into the facility further demonstrate growing confidence in Subic Bay’s role in regional energy logistics and infrastructure development.

The Subic-Clark-Manila-Batangas Railway: The Backbone of the Corridor

Perhaps the most transformative project under the Luzon Economic Corridor is the proposed Subic-Clark-Manila-Batangas (SCMB) Railway.

The railway is envisioned to become the logistical backbone connecting Luzon’s major ports, airports, industrial zones, and manufacturing centers into one integrated freight network.

Once completed, the SCMB Railway would connect:

• Subic Bay Port
• Clark International Airport
• Port of Manila
• Port of Batangas

This would significantly reduce cargo congestion in Metro Manila while improving freight efficiency across Luzon.

For decades, one of the Philippines’ major economic weaknesses has been fragmented logistics infrastructure. Goods moving across Luzon have long depended heavily on truck-based transport, leading to congestion, high logistics costs, and delays.

The SCMB Railway seeks to fundamentally change that.

The United States government, through the U.S. Trade and Development Agency (USTDA), has already committed technical assistance support for the railway’s development, including transport modeling, port-rail integration analysis, and institutional planning.

The railway is expected to:

• Improve cargo movement between major economic hubs
• Support industrial growth zones
• Strengthen supply-chain resilience
• Reduce transport costs
• Decongest Manila ports
• Enhance export competitiveness

Most importantly, it firmly establishes Subic Bay as a central logistics gateway within the national economic system.

The Agila Facility and Subic’s Expanding Maritime and Industrial Role

Another key component reinforcing Subic Bay’s strategic importance within the Luzon Economic Corridor is the Agila Subic Multi-Use Facility.

The facility represents a major example of how international investment is helping transform Subic Bay into a modern industrial, maritime, and logistics hub.

American company Cerberus Capital Management led the rehabilitation of the former Hanjin shipyard into the Agila Subic Multi-Use Facility — now envisioned as a multi-purpose logistics and industrial complex supporting maritime and manufacturing activities within the Freeport.

A major milestone for the facility came through Agila’s partnership with HD Hyundai, which is expected to significantly enhance the Philippines’ shipbuilding and maritime industrial capabilities.

The collaboration highlights Subic Bay’s growing role not only in logistics and trade, but also in regional shipbuilding, industrial services, and maritime support operations.

Inspired by the progress of the partnership, Cerberus Capital Management has reportedly expressed interest in exploring future expansion opportunities in the Philippines, signaling continued international confidence in Subic Bay’s long-term economic potential.

Beyond its industrial significance, the Agila facility has become an important economic and strategic landmark within the Subic Bay Freeport Zone. The project has helped generate employment opportunities, strengthen international economic partnerships, support local industries, and contribute to broader national and regional security objectives.

Together with Subic’s ports, transport infrastructure, and energy facilities, the Agila complex reinforces the Freeport’s growing role as one of the Philippines’ most important strategic and economic gateways under the Luzon Economic Corridor initiative.

The Subic International Airport Project: Expanding the Corridor’s Cargo and Logistics Capability

Another major development expected to strengthen Subic Bay’s role in the Luzon Economic Corridor is the proposed modernization of the Subic Bay International Airport through an unsolicited proposal submitted by Cerberus Asia Pacific Investments LLC.

The proposal involves the upgrade, expansion, operation, and maintenance of the airport under a long-term concession arrangement aimed at transforming the facility into a modern, efficient, and high-capacity cargo hub serving Luzon.

The project is expected to complement Subic Bay’s maritime infrastructure by integrating air cargo, port operations, logistics facilities, and industrial zones into a more connected regional supply-chain network.

Once developed, the airport could significantly enhance cargo movement efficiency, attract logistics and manufacturing locators, and support the growing demand for integrated transport infrastructure within the Luzon Economic Corridor.

The proposed airport modernization also aligns with Cerberus’ broader investments in Subic Bay involving shipbuilding, logistics, industrial development, and infrastructure modernization.

In recent years, the Subic Bay International Airport has primarily handled military and chartered flights, but the proposed redevelopment seeks to reposition the facility as a strategic commercial cargo gateway supporting both domestic and international trade.

The project is currently undergoing the comparative challenge or Swiss challenge process under the Philippine Public-Private Partnership framework after Cerberus was granted Original Proponent Status by the SBMA.

More Than Infrastructure: A Strategic Economic Realignment

The Luzon Economic Corridor is not merely a collection of infrastructure projects.

It represents a broader strategic realignment of the Philippine economy.

For decades, economic activity has remained heavily concentrated in Metro Manila. The corridor seeks to redistribute growth across interconnected regional hubs while creating more resilient and globally competitive supply chains.

Subic Bay’s role in this transformation is especially critical because it already possesses the combination of:

• Deep-water maritime access
• Industrial capacity
• Energy infrastructure
• Logistics connectivity
• Maritime and shipbuilding capability
• Aviation and cargo potential
• Available development space
• Strategic geographic location

These characteristics position Subic as one of the country’s most important economic and strategic assets in the coming decades.

A Defining Opportunity for the Philippines

As the Luzon Economic Corridor gains support from the United States, Japan, and a growing coalition of international partners, the Philippines finds itself at the center of a major shift in Indo-Pacific trade and infrastructure development.

For Subic Bay, this moment may prove historic.

The continued development of the PCSPC energy terminal, the planned Subic-Clark pipeline, the Subic-Clark-Manila-Batangas Railway, the Agila Subic Multi-Use Facility, the proposed modernization of Subic Bay International Airport, and the Freeport’s expanding logistics infrastructure could transform Subic into one of Southeast Asia’s premier logistics, maritime, aviation, and industrial gateways.

If sustained successfully, the Luzon Economic Corridor may ultimately redefine not only the future of Subic Bay — but also the Philippines’ role in global trade, energy security, manufacturing, and regional economic growth for generations to come. (SNL)

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PBBM leads inauguration of HD Hyundai shipyard in Subic

Shipbuilding makes a grand comeback in the Philippine maritime industry.

President Ferdinand R. Marcos Jr. led the inauguration ceremony of HD Hyundai Heavy Industries Philippines Inc. at the Agila Southern Yard, Subic Freeport Zone on September 2, 2025 —a landmark event that marks the revival of the country’s shipbuilding enterprise.

The ceremony formally launched Hyundai’s operations in the Philippines, reinforcing the country’s position as a strategic hub for maritime and industrial growth in the Asia-Pacific region.

A symbolic steel-cutting ceremony marked the commencement of construction on the shipyard’s first vessel, signaling the beginning of a new era for local shipbuilding and engineering capabilities.

The President’s presence underscores the Philippine government’s strong policy support and commitment to attracting long-term, high-impact investments in key industries. 

Long-term employment

In his message, Marcos Jr. emphasized the industry’s capacity to expand operations and provide long-term employment opportunities.

“With Hyundai Heavy Industries investing in Subic, our shipyard capacity will significantly increase from 1.3 million to 2.5 million deadweight tons, from handling four to five massive oil tankers to about eight of those ships,” the President said. 

He also highlighted government programs aimed at preparing more workers for the sector. 

The Technical Education and Skills Development Authority (TESDA) has partnered with Hyundai to operate a training center in Subic, producing its first 24 welding graduates now employed at the yard, while additional training slots have been made available to maintain a steady supply of skilled workers.

Korean Ambassador to the Philippines Lee Sang-hwa said the project reflects the strengthening economic ties between the two countries.

“Today’s event is, above all, a victory for the Philippines. It is a tangible result of President Marcos’ tireless efforts to attract foreign investment through the CREATE More [Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy] Act,” Lee said.

He added that Hyundai is projected to employ 7,000 to 8,000 workers in the coming years, calling the initiative a “powerful tripartite partnership” wherein Korea contributes shipbuilding technology, the United States provides financial support, and the Philippines offers skilled manpower and a strategic location.
 

Global shipbuilding hub 

HD Hyundai Heavy Industries CEO Kim Sung-joon also emphasized the Philippines’ potential to become a global hub for shipbuilding.

“Fortunately, the Philippines possesses all the ideal conditions to become a major player in the shipbuilding industry—with a blessed maritime environment, a young and highly skilled workforce, and the committed support of the government,” he said.

For many, the reopening represents more than industrial revival—it means jobs close to home.

Marlon Eugenio, a former employee of the Hanjin Shipyard, expressed his gratitude.

“Nagpapasalamat ako sa ating pamahalaan lalong lalo na kay Presidente Marcos na nagbigay ng opportunity ulit na mabuksan ang pinakamalaking shipyard. Nabigyan muli ang mga kapwa ko worker na magkaroon ng trabaho at magkaroon ng panibagong talento sa paggawa ng barko,” he said.

HD Hyundai’s Subic operations will cover 200 hectares under a 10-year lease with Agila Subic, a Cerberus portfolio company.

The facility is set to begin full operations in January 2026, including both shipbuilding and offshore wind platform construction. (PCO/PIA Region 3-Zambales)

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US Defense Secretary, US Ambassador visit Subic Bay following dialogue with Ph counterparts

The Subic Bay Metropolitan Authority (SBMA) Board of Directors and agency officials welcome US Secretary of Defense Lloyd Austin III and US Ambassador MaryKay Carlson, during their brief visit to Subic Bay Freeport on Wednesday (July 31, 2024) as part of their official itinerary. 

This, after Secretary of State Antony J. Blinken, alongside the US Defense Secretary, met with Philippine President Ferdinand Marcos, Jr., in Manila the day before the Subic visit. 

The US officials held the 4th 2+2 ministerial dialogue with their Filipino counterparts, Secretary for Foreign Affairs Enrique A. Manalo and Secretary of National Defense Gilberto C. Teodoro, Jr. 

Secretary Blinken, Secretary Austin, and President Marcos discussed the momentum in United States-Philippines relations over the past year and reaffirmed the critical role of the U.S.-Philippines Alliance in realizing our shared vision of a free and open, connected, prosperous, secure, and resilient Indo-Pacific region. 

While in Subic Freeport, Secretary Austin visited the headquarters of the Philippine Navy at the Agila Subic compound (Agila North). 

On his social media site X, Secretary Austin wrote: “It was great to visit Subic Bay, including the headquarters of the Philippine Navy, at a time when we’re doing more than ever to deepen our defense industrial cooperation and support the Philippine military’s modernization.” 

Later, Austin wrote another post: “The United States, the Philippines, and our partners are hard at strengthening our defense industrial bases like never before. It was great to see those results and opportunities firsthand at Subic Bay.” 

The United States government plans to invest in high-quality, high-impact infrastructure via the Luzon Economic Corridor that includes key economic hubs such as Subic Bay, Clark, Manila, and Batangas (SNL).

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PBBM welcomes Cerberus, Hyundai tie up in Subic Bay to restore PH shipbuilding glory days

The partnership between US equity firm Cerberus and South Korea’s HD Hyundai Heavy Industries in the strategically located Subic Bay will allow the Philippines to regain its footing in the global shipbuilding industry, President Ferdinand R. Marcos Jr. said Tuesday. 

During the announcement of the partnership in Malacañang, Marcos welcomed the two global companies to the Philippines and expressed optimism about the project’s potential impact on the country’s economy. 

He said Hyundai's investment would not only open “new doors for our offshore wind industry but will also bring maritime manufacturing back to Subic and eventually restore the glory days of shipbuilding to our shores.” 

“Not only would it generate thousands of jobs, but also enable the transfer of critical skills and improve the Philippines' position in the global market,” he said. 

“The Philippines is also quite excited to see the realization of Cerberus’ plans, including its interest in microelectronics, semiconductors, and critical metals.” 

Hyundai already performs ship repairs and maintenance at the Agila Subic yard, which Cerberus acquired in 2022 after its former owner went bankrupt. 

In his message, Marcos noted that since Cerberus’ takeover of the shipyard, it has been “hard at work to revitalize the shipyard” and even attracted other tenants, including Subcom, the world's leading subsea cable company, and V2X, a global logistics corporation. 

Cerberus is a global alternative investment firm with assets across credit, private equity, and real estate strategies. 

“And you have worked closely with our Philippine Navy while establishing a world-class operating base for our Navy,” he said. 

Currently, the Philippine Navy has a naval operating base in Subic with nearly 1,000 personnel. 

The Chief Executive also acknowledged HG Hyundai, one of the largest producers of ships in the world, saying that its foray into the country would “usher in a new era of shipbuilding” in the Philippines. 

In 2022, according to Marcos, the country was the seventh-largest shipbuilder in the world, contributing almost 400,000 gross tons of newly built sea and ocean-going vessels. 

“This is a far cry from our capacity in the past, and even far behind the output of shipbuilding behemoths like South Korea and Japan,” he said. 

“With this initiative of Cerberus and HG Hyundai, we will have a fresh start and a strong foundation in realizing our vision to be amongst the largest and most consequential shipbuilders in the world.” (PNA)

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SBMA approves 71.34% of ₱46.23-B total FDIs by all IPAs

A total of ₱32.98 billion in foreign direct investments (FDIs) approved in this premier freeport accounted for 71.34 percent of the total ₱46.23 billion approved by all Investment Promotion Agencies (IPAs) in the country during the second quarter of 2022.

These investments were pledges approved by the following IPAs: Authority of the Freeport Area of Bataan (AFAB), Board of Investments (BOI), BOI-Bangsamoro Autonomous Region in Muslim Mindanao (BOI-BARMM), Clark Development Corp. (CDC), Cagayan Economic Zone Authority (CEZA), Philippine Economic Zone Authority (PEZA), Poro Point Management Corporation (PPMC) Tourism Infrastructure and Enterprise Zone Authority and the SBMA. 

According to SBMA Chairman and Administrator Rolen C. Paulino, this figure has recorded a significant year-on-year leap of 160,792 percent from ₱20.5 million of the same period last year to ₱32.98 billion this year.

Paulino attributed the said significant leap mainly to the aggressive efforts of the SBMA business group in attracting investors to make it happen in the Philippines, especially in Subic Bay. 

He also said that this is also partly a result of the implementation of the Fast, Friendly, and Flexible service to the SBMA’s stakeholders to help in the economic recovery from the effects of the pandemic. 

“We want companies to invest inside the Subic Bay Freeport Zone, and to do so, we want them to have a friendlier atmosphere while providing flexible terms for them in a fast and efficient way,” he said.

Paulino, likewise, disclosed that these FDIs approved by the SBMA Board of Directors showed a surge of 30,205.9 percent from the first quarter’s ₱108.83 million to the second quarter’s ₱32.98 billion this year alone. 

Senior Deputy Administrator (SDA) for Business and Investment Renato Lee III said that the biggest FDI accounted for came from Vectrus Subic Corporation (formerly Vector Services Philippines, Corp.) with a whopping ₱14.5-billion investment.

He added that the company is followed by Agila South, Inc. with an investment of ₱10.73 billion; Agila NY Naval Inc. that has an approved investment of ₱6.28 billion; and Agila Subic TC Inc. with an investment of ₱313.13 million, to name a few. 

“The investment growth at the Redondo Peninsula where the biggest approved projects for the second quarter of 2022 will be located will certainly spur growth in the area. The agency expects more influx of FDIs once these companies are in full swing,” Lee stated.

Lee said that Agila would be utilizing the Redondo Peninsula area as an industrial park for ship repair companies.

He said that the biggest foreign investor Vectrus Subic Corporation is engaged in general logistics services and service exports. He added that the company would be subleasing the area currently leased by Agila at the former Hanjin Shipyard facility in Redondo Peninsula.

Meanwhile, apart from the ₱32.98 billion in foreign equity of FDIs, the SBMA also approved ₱2.37 billion in Filipino equity, which is part of the 37 investment projects approved for the second quarter and will generate employment for 433 residents of Olongapo City, Bataan and Zambales. (MPD-SBMA) 

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SBMA more than happy to accommodate Hyundai Heavy in Subic Freeport

Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Rolen C. Paulino welcomed the possibility of South Korean shipbuilder Hyundai Heavy Industries (HHI) investing inside this premier Freeport.

The statement came after outgoing Department of National Defense (DND) Secretary Delfin Lorenzana revealed that the South Korean shipbuilder plans to construct a maintenance depot at the former Hanjin Heavy Industries and Construction Philippines (HHIC-Phil) shipyard in Redondo Peninsula.

“The company plans to have a maintenance depot here since many of our military ships are built by Hyundai. They would provide the maintenance needs of these ships,” he said.

Paulino said that the plans for the construction of HHI’s maintenance depot here would mean more job opportunities, and would generate income to the agency that can be added to the national coffers. He said that the construction of the HHI maintenance depot is more efficient rather than sending the ships back to South Korea for repairs.

Former Secretary Lorenzana cited that the country ordered the Philippine Navy (PN)'s first two missile frigates, BRP Jose Rizal (FF-150) and BRP Antonio Luna (FF-151) from the South Korean shipbuilder. He added that HHI also secured the P28-billion contract for the two anti-submarine corvettes last December and the P30-billion offshore patrol vessel (OPV) deal.

The company is also the contractor for the South Korean Navy's Pohang-class corvettes, of which one is now in service with the PN, with another expected to be transferred soon. The company and the DND signed a lifetime service support contract for the maintenance and upkeep of the two Jose Rizal guided-missile frigates.

Chairman Paulino said that it is only fitting that the company construct its maintenance depot at the former Hanjin shipyard since Agila Subic (now owner of the Hanjin shipyard) is housing the base operations of the Philippine Navy.

 The SBMA chief also cited that after HHIC left, thousands of skilled workers in the shipbuilding sector have been unemployed and are seeking other job opportunities, but were unlucky due to the recent pandemic.

“The investment of Agila Subic has revived the shipbuilding industry of the Subic Bay Freeport back to life. We can expect more job opportunities for skilled shipbuilders in the area since more and more companies are looking into investing into Agila Subic’s shipbuilding industrial park,” he said.

The Philippine Navy occupies the northern portion of the former HHIC-Phil shipyard that spans around 100 hectares of the site's more than 280 hectares.

The activation and subsequent operationalization of NOB Subic are in line with the Navy's scaled-up maritime operations to support the needed base services of the deep-draft vessels such as Jose Rizal-class missile-frigates, Del Pilar-class offshore patrol ships, and Tarlac-class landing docks.

The newly activated base will house select fleet marine units, maintenance, and replenishment facilities that will enable the fleet to sustain the operational requirements of the current and future capital vessels. (MPD-SBMA)

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SBMA conducts inspection of future Agila Subic facility

The Subic Bay Metropolitan Authority (SBMA), along with local and foreign dignitaries, conducted a site inspection of the future Agila Subic facility last May 15 at the Redondo Peninsula here in this premier Freeport Zone.

SBMA Chairman and Administrator Rolen C. Paulino led the delegation along with Olongapo City Mayor Lenj Paulino, and the Philippine Navy.

Paulino said that one of the mandates given to him by President Rodrigo Duterte is to ensure a smooth transition of the company to the former Hanjin shipyard facility, and bring to fruition what the former administration of the agency had started.

Now called Agila Subic, the former Hanjin shipyard will be housing two tenants.

One tenant Vectrus, will be occupying most of the shipbuilding area of the facility, including the quays.  Meanwhile, the Philippine Navy is currently occupying the former Hanjin administrative office, mess hall, and barracks.

Vectrus is a global service solutions provider to the United States government and across the world, which offers facility and base operations, supply chain and logistics services, information technology (IT) mission support, and engineering and digital integration services.

Former Hanjin workers who have been skills-trained will be hired by the company since it will require skilled workers.

29 workers have already been hired and the company hopes to employ more workers who used to work for the shipbuilding company.

Meanwhile, Mayor Lenj Paulino said that the city government plans to provide skills training to its residents as the re-elected official sees a boom in employment in the ship repair industry in the area. He added that companies, who are looking for skilled workers, would only need to contact the city government.

Recently, the Department of Finance stated that the Fiscal Incentives Review Board (FIRB) has approved the proposed tax perks as endorsed by the SBMA, for the rehabilitation of the ageing shipyard.

The project will be receiving special corporate income tax (SCIT), value-added tax (VAT) exemption from importation, VAT zero-rating on local purchases, and duty exemption on importation.

The total project cost is estimated at Php17 Billion. (MPD-SBMA)

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