All options are being considered by the Philippine government as it scrambles to save its largest shipyard.
Hanjin Heavy Industries and Construction Philippines (HHIC-Phil) has sought court protection with loans owed in excess of $400m to five local banks, prompting fears of the worst loan breach in the nation’s history.
Government officials have already said that two Chinese entities – one of whom is believed to be Cosco Shipyard – have expressed an interest in taking over the troubled Korean yard and will visit the site in the coming weeks.
The giant 300 ha shipbuilding facility could also be nationalised.
President Rodrigo Duterte is “receptive” to a Philippine government takeover of the Subic Bay shipyard, defence secretary Delfin Lorenzana said today.
“While we sympathise with the financial woes of Hanjin, we are excited with this development because we see the possiblility of having our own shipbuilding capacity in the Philippines, especially large ships like what is being built by Hanjin shipyard in Subic,” Lorenzana told senators today.
“I said, why not we take over the Hanjin and give it to the (Philippine) Navy to manage? And so I brought this idea to the president last night. He’s very receptive to the idea,” he said.
Splash also understands that Japanese shipbuilders have been contacted by the authorities in Manila.