Philippines still open to more offers from foreign firms for Hanjin

MANILA, Philippines — The Philippines is open to accommodate more foreign firms interested in rescuing the financially troubled Hanjin shipyard in Subic, the Department of Trade and Industry (DTI) said.

On the sidelines of the inauguration of Nestle Philippines’ ready to drink plant in Batangas, Trade Secretary Ramon Lopez said they continue to search for a potential white knight for Hanjin.

“We’re open to all,” Lopez said.

The trade chief said there are already about eight foreign firms that have expressed interest to take over the bankrupt company’s facility in Subic.

China, US, Japan and Korea are among the countries that have expressed interest in the Hanjin facility,  Lopez said.

Lopez said they would continue to accommodate interest from foreign firms until such time they receive a  definite proposal.

“Technically, the government does not have a deadline, but we want it settled in consideration of the employment there. We are just facilitating the visits because this means investments will be coming in,” Lopez said.

Last January, Hanjin filed for rehabilitation before an Olongapo City court due to severe liquidity problems.

It has roughly P21 billion in debts to some of the country’s biggest banks.