Subic Bay Shipyard Re-Opens after U.S., South Korean Investments

The Philippines inaugurated HD Hyundai Heavy Industries Philippines’ new shipyard in Subic Bay with the backing of South Korean and U.S. economic investments.

Philippine President Bongbong Marcos led a steel cutting ceremony of the yard’s first vessel on Monday, marking the revival of a long-dormant shipbuilding complex in Subic Bay.

“For decades, even centuries, the Philippines has given the world our finest seafarers. It is only fitting that we supply the world with excellent vessels to sail on,” Marcos said.

The yard’s reactivation will bolster Philippine annual shipbuilding output from 1.3 million to 2.5 million deadweight tons and employ up to 4,300 Filipinos by 2030, according to Marcos. The Philippine president also stated the yard’s capabilities will increase the country’s large oil tanker production from five to eight vessels a year.

“For the Philippines, the Subic shipyard will position your country as an emerging power in the global shipbuilding market while also providing the momentum to expedite your smoother and swifter accent into the ranks of the world leading economies,” Kim Sung-Joon, HD Korea Shipbuilding and Offshore Shipbuilding CEO, said.