President Ferdinand Marcos Jr. sees Cerberus and HD Hyundai Heavy Industries’ plan to invest in the Philippines as an opportunity that would revitalize the “glory days” of shipbuilding in Subic Bay and further stimulate the country’s economic growth.
Cerberus is a global investment firm based in New York, while HD Hyundai Heavy Industries is a South Korean multinational conglomerate that operates in various sectors, such as shipbuilding.
President Marcos stated on Tuesday in Malacañang during the finalization of the investments that they serve as proof of the strong and lasting partnership between the Philippines, South Korea, and the U.S.
These commitments, he explained, will not only create opportunities for the offshore wind sector in the country but also revitalize maritime manufacturing in Subic, leading to the resurgence of the shipbuilding industry.
“Not only would it generate thousands of jobs, but also enable the transfer of critical skills, and improve the Philippines’ position in the global market. The Philippines is also quite excited to see the realization of Cerberus’ plans, including its interest in microelectronics, semiconductors, and critical metals,” he said.
Marcos noted that since the acquisition of the Agila Subic Shipyard in April 2022, Cerberus has been diligently working to revitalize the shipyard. This effort has led to the attraction of other tenants, such as SubCom, the world’s leading subsea cable company, and V2X, a global logistics company.
He pointed out Cerberus’ strong partnership with the Philippine Navy in establishing a top-tier operating base, and its excellent reputation will substantially add to the growth and progress in various sectors.
The President explained that the upcoming investments will greatly benefit Subic by enhancing its status as a hub for industrial, commercial, and other economic activities within the freeport area.
“The Subic Freeport zone is one of the most developed and sought-after investment areas in this country, but it can be greater than what it is with the right investment and with the right innovative projects and approach. 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,” he added.
HD Hyundai’s investment, meanwhile, is anticipated to boost the Philippines’ shipbuilding and renewable energy sectors.
The company is investing an estimated $550 million over the course of 10 years and commits to generate around 10,000 jobs in a span of three to five years.
He said its initial focus on the development of offshore wind platforms bodes well for the government’s goal of transitioning to renewable energy, as it puts in place policies to hasten the rollout of offshore wind projects in the country.
