President Ferdinand Marcos Jr. announced a new partnership between South Korean conglomerate HD Hyundai and American investment firm Cerberus to invest in the Subic Freeport Zone. The President expressed his vision for a new era of ship-building in the country during a speech at Malacañan.
Marcos highlighted the potential for the Philippines to become one of the largest and most significant shipbuilders globally. He emphasized the country’s reputation as a source of competent seafarers and outlined ambitions for Filipinos to also participate in shipbuilding.
The Philippines currently ranks as the seventh largest shipbuilder in the world, with nearly 400,000 gross tons of newly built sea and ocean-going vessels. Marcos believes that collaboration with Cerberus and HD Hyundai will further accelerate progress in Subic and contribute to the country’s economic growth.
He urged the investors to consider upskilling and reskilling the Filipino workforce to meet the technological demands of the industry. Marcos sees this partnership as a crucial step towards solidifying Subic’s role as a key driver of growth for the nation.
