Korean shipbuilding giant Hanjin Heavy Industries and Construction will invest an additional $2 billion in the Philippines for a shipyard complex in Mindanao.
President Arroyo welcomed yesterday Hanjin’s newest investment during a courtesy call by company president Jeong Sup Shim. Also present were Phividec Industrial Authority administrator Ninfa Albania and Presidential Management Staff (PMS) director general Cerge Remonde.
The latest investment is expected to generate 30,000 jobs, a Palace statement said. Mrs. Arroyo earlier visited Isla Pu-ting Bato in Tondo where she said that Hanjin’s new investment would generate thousands of jobs, especially for welders.
Remonde said that in terms of investment, Hanjin’s Mindanao project would be two times bigger than the shipbuilding complex the company is building in Subic, Zambales.
Hanjin’s $1-billion shipbuilding plant in Subic is one of the biggest facilities of its kind in the Asian region.
Albania said Hanjin’s latest facility is being established at the 3,000-hectare Phividec Industrial Estate in Tagoloan and Villanueva towns in Mi-samis Oriental.
Jeong said construction of the general manufacturing plant of the shipbuilding facility would start early next year.
Under Phase 2, Jeong said the plant would start fabricating ships in 2010, and by 2012 the facility is expected to export some $1.7 billion worth of shipbuilding parts and vessels.
Jeong said Hanjin’s Mindanao plant would employ about 30,000 Filipinos, particularly engineers, welders and steel fabricators.
He recalled that Hanjin launched its first investment in the country in Mindanao with the construction of the Iligan-Butuan Road in 1973.