Resumption of Hanjin shipyard project soon

Resumption of Hanjin shipyard project soon

GETTING a renewed commitment that the government will ensure a more business-friendly environment to foreign investors, shipbuilder Hanjin Heavy Industries and Construction Co. (HHIC) is eyeing to resume its suspended $1.9 billion shipyard project in Villanueva, Misamis Oriental.

The project, which has already started laying its groundwork in 2008, was abruptly pulled out after Hanjin has complained about “disturbances” in dealing with local officials.

Misamis Oriental Gov. Oscar Moreno had earlier hinted that Hanjin wanted to deal only with one government agency––the Phividec Industrial Authority.
Last year, Hanjin president Jeong Shup Shim said they will pucompletion of its new shipyard at the Phividec Industrial Estate in Misamis Oriental by 2017.
“The shipyard project at Phividec has been put on hold for some time now and optimism is high that Hanjin will resume the construction this year after Hanjin received more orders for additional sea vessels,” he said.

Since it started operations in the country in 2006, Hanjin has already built 18 vessels with at least 60 more on the list excluding the two carriers unveiled resulting in $3.4 billion worth of shipping exports annually.

The President has expressed doubt whether Subic alone can deliver the orders on time.

Mr. Aquino also said there are at least 20,000 workers in Subic and that those who have trained at HHIC’s Training Facility in Villanueva will return once the shipyard project resumes which will require approximately 40,000 jobs.

“This should reinforce the optimism of our economists and of our people that our growth will not be halted even after I step down from office in 2016. I assure you that this confidence in the Philippines is not misplaced,” Mr. Aquino said.

The President added that his administration was also working to eliminate corruption and poverty and create more jobs.

He thanked South Korea for being a leading foreign direct investor, with a total of P24.2 billion, or 40 percent of the total foreign direct investments.

“I assure you that this confidence in the Philippines is not displaced,” he added.

President Aquino said Hanjin also provided jobs for Filipinos.

“You have granted a lifeline to many Filipinos… which has a full effect to communities and their families,” he said.


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