Philippines’ Subic Bay play aims to anchor US naval strategy in Asia
“Speaking to business leaders in Washington on Thursday, Philippine Ambassador to the US Jose Manuel Romualdez pitched the Agila Subic Shipyard – once a bustling hub for a subsidiary of South Korea’s Hanjin Heavy Industries, now under new management – as well placed to support America’s plan to ramp up warship production over the next three decades.”
“Proposals for the Agila Subic Shipyard – which US private equity firm Cerberus Capital Management acquired in 2022, investing some S$40 million to jumpstart operations – have long been floated within the Pentagon as part of Washington’s search for overseas capacity.”
“Now, the 310-hectare (766-acre) facility is attracting new tenants, including South Korean shipbuilder HD Hyundai Heavy Industries, which aims to be fully operational by next year. Following President Ferdinand Marcos Jnr’s state visit to the US last month, the government announced plans to invest a further US$250 million in shipyard upgrades and critical infrastructure.”
“Designed to link four cities, three ports and two international airports on Luzon island, the [Luzon Economic] corridor is expected to inject an estimated US$100 billion into the Philippine economy.”