SUBIC, Zambales — President Ferdinand Marcos Jr. on Tuesday officially launched South Korea's HD Hyundai Heavy Industries, marking the revival of large-scale shipbuilding operations in the Philippines.

The President was joined by Transportation Acting Secretary Giovanni Lopez and Special Assistant to the President for Investment and Economic Affairs Frederick Go, during the event, which also symbolizes the start of the first vessel’s construction through the steel – cutting ceremony.

The President’s attendance holds special significance as it represents the HD Hyundai Group’s gratitude for the central government’s policy support that enabled the company’s entry into the Philippine shipbuilding sector, Malacañang said. , This news data comes from:http://771bg.com

In May 2024, the President announced the landmark partnership between US firm Cerberus and HD Hyundai Heavy Industries Jr. to restore and develop shipbuilding and maritime industries in Subic.

Under the partnership, HD Hyundai will lease a portion of the Agila Subic shipyard, previously Hanjin Heavy Industries.

HD Hyundai, a South Korea-based shipbuilder and solution provider in heavy industry and energy sectors, will initially focus on the construction of offshore wind platforms.

Marcos opens Hyundai's shipyard in PH

It is projecting to invest approximately 0 million over 10 years and generate around 10,000 jobs within three to five years.

In 2022, Marcos said that 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,” Marcos has said.

“With this initiative of Cerberus and HD 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," he added.