Home » 3PL/4PL » Hanjin to build 8,000-TEU ships in Subic

SOUTH KOREAN shipbuilder Hanjin Heavy Industries will inject some $8 billion over the next 10 years to set up a shipyard at the Subic Bay Freeport. The facility can build 8,000-TEU ships and is expected to generate some 20,000 more jobs for Filipinos starting this month. The agreement is expected to be signed between Hanjin and the Subic Bay Metropolitan Authority (SBMA) on December 16, also the date for the project’s ground breaking. Hanjin reportedly wants certain conditions met before proceeding with the project, including an access road to a beach area as a supporting part of the master development plan of the SBMA Redondo area; and an eight-year income-tax holiday for each phase of the project. Negotiation for the facility is said to have started early this year. Hanjin reportedly tried looking for a facility in China and Vietnam but chose Subic because of its natural deep draught. SBMA said it will allot a 269-hectare area for the shipyard. SBMA is now trying to solve the problem of informal settlers along the Redondo area to be affected by the project. There are some 350 structures occupying the property.

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