November 26, 2007
Hanjin to build second major shipyard in Philippines
Korea's Hanjin Heavy Industries and Construction Corporation is to build its second major shipyard in the Philippines.
The $2-billion shipyard complex will be in Mindanao and represents an investment twice that made in Hanjin's Subic yard.
Philippines President Gloria Macapagal-Arroyo welcomed the new Korean investment, which is expected to generate some 30,000 new jobs.
The new yard is being established at the 3,000-hectare Phividec Industrial Estate. Construction of the facility will start early next year.
The plant is planned to start fabricating ships in 2010, and by 2012 is expected to export some $1.7 billion worth of shipbuilding parts and vessels.