Philippine President Gloria Macapagal-Arroyo inspected the ongoing construction in Subic Bay, Zambales of the biggest shipbuilding facility in Asia.
The President arrived at and inspected the construction works at the Hanjin Heavy Industries and Construction Company (HHIC) shipyard located in Agusuhin, Redondo Peninsula, about 45 minutes by ferry from the Subic Bay Freeport.
Among those who welcomed the President were HHIC chairman Cho Nam Ho, HHIC president Lee kang Rok, HHIC-Philippines president Jeong Sup Shim, Zambales Governor Vic Magsaysay, Bataan Governor Enrique Garcia, Pampanga Governor Mark Lapid, Olongapo City Mayor James Gordon Jr., Subic Mayor Jeffrey Khonghun, and Korean Ambassador Jong Ki Hong.
With the President were Finance Secretary Margarito Teves, Public Works Secretary Hermogenes Ebdane, Trade Secretary Peter Favila, Presidential Chief of Staff Mike Defensor, and Presidential Management Staff (PMS) Chief Arthur Yap.
HHIC, considered as one of the world’s largest shipbuilders, signed last March a US$1 billion lease agreement with the Subic Bay Metropolitan Authority (SBMA) for the construction of a 480-hectare shipyard at the Redondo Peninsula.
The President said South Korea’s Hanjin is the biggest investor in the country in the first quarter of this year, putting in some $250m of their $1b total investment upon completion of their world-class facility by 2011.