MANILA, Philippines -- President Gloria Macapagal-Arroyo has praised Hanjin Heavy Industries for continuing to invest in the Philippines with its ship building facility in Subic, Zambales.

The President guested Friday at the christening ceremony of the first-ever cargo-carrying vessel built by Hanjin, which she said would be a "massive boost to the Philippines' bid to be the best value for investment in Asia."

The ship, named M/V Argolikos, has a market price of about $60 million. Hanjin will build a total of six ships until 2010 worth about $1.2 billion.

Arroyo also praised the Filipino employees of Hanjin for their "excellence" in building ships.

"It's a display of our countrymen's skills and work ethics ... Di lang kayo magagaling kundi masipag at may malasakit [You are not only good but industrious and have concern]," she said in her speech aired lived over government station Radyo ng Bayan.

Arroyo said Hanjin's presence at the Clark-Subic corridor has made it a competitive logistics hub in the region. She said she hoped that the shipyard in Mindanao would soon operate.

After the naming ceremony, the 41,000-ton carrier will be delivered to its Greek owner, the Dioryx Maritime Corporation, which has five more units of container vessels lined up for delivery.

Arroyo has named the Korean firm as one of the billion-dollar investors in the country.