New Subic shipyard investor not Chinese, says SBMA chief

Published by rudy Date posted on October 2, 2019

By: Ben O. de Vera, Philippine Daily Inquirer, 2 Oct 2019

A foreign shipbuilding giant, but not a Chinese company, could take over the Subic shipyard left behind by Hanjin Heavy Industries and Construction Phils before the end of the year, according to the head of the Subic Bay Metropolitan Authority (SBMA).

Negotiations are progressing between Hanjin, which had declared bankruptcy, and the so-called white knight, according to SBMA chair and administrator Wilma Eisma. The company planning to take over has not been identified.

Eisma on Wednesday, Oct. 2, told reporters that negotiations between the potential new owner and five creditor banks of Hanjin—led by Rizal Commercial Banking Corp. (RCBC)—were moving forward ahead of a December deadline.

The Department of Finance (DOF) was also involved in the negotiations due to the exposure of state-run Land Bank of the Philippines (Landbank) in Hanjin, Eisma said.

Three other banks with exposure in Hanjin were BDO, BPI and Metrobank.

Eisma said the potential white knight was not a Chinese firm contrary to previous reports. She declined to give the name of the company.

But the deal, said Eisma, could happen “even sooner” than deadline.

She said it was possible for Hanjin’s 33,000 workers to return to their jobs if the white knight pours in fresh investment and uses the shipyard for its original purpose—shipbuilding

Eisma said the shipyard was attractive to investors—shipbuilder or not—because of its area, 300 hectares, and at least $2 billion in assets that dwarfed Hanjin’s $411 million debt.

The shipyard is also capable of producing bulk carriers, or cargo ships with capacity of 15,000 TEU or more.

If talks between the foreign shipbuilder and Hanjin’s creditors falter, Eisma said another company, also a shipbuilder, is waiting in the wings. /TSB

April 2025

World Day for Safety and Health at Work
“Safety and health at work every day!”

Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos

Time to support & empower survivors. Time to spark a global conversation. Time for #GenerationEquality to #orangetheworld!

Monthly Observances:

March – Women’s Role in History Month
April – Month of Planet Earth

Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week

Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work

Categories