Marcos bullish on investment plans of Hyundai, Cerberus in Subic Freeport

MANILA, Philippines — President Ferdinand Marcos Jr. on Tuesday said he envisions a new era of ship-building in the country following the announcement of the partnership between South Korean conglomerate HD Hyundai and American investment firm Cerberus to invest in the Subic Freeport Zone.

READ: US firm: More funds coming to Subic this year

“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,” Marcos said in his speech in Malacañan.

“We have established our position as the largest source of competent and able seafarers in the world. The next logical step for us is to ensure that the ships run by Filipinos can also be made by Filipinos,” added Marcos.

According to Marcos, the Philippines was able to become the seventh largest shipbuilding in the world with almost 400,000 gross tons of newly built sea and ocean-going vessels.

“With your help, we can further accelerate the progress of Subic, cementing its role as a driver of growth for the rest of the country. We hope that your investment plans will also be down to the upskilling and reskilling of the Filipino workforce, enabling us to adapt to new technologies required by industry,” said Marcos.