A Korean shipbuilding company is intent on investing $1-billion shipbuilding facility in Subic that is expected to transform the country’s premier Freeport into one of the world’s fourth biggest shipbuilding facility, according to a report in The Manilla Bulletin Online – www.mb.com.ph.Subic Bay Metropolitan Authority (SBMA) administrator and CEO Armand C. Arreza refused to divulge the identity of the Korean firm but said the signing of the investment agreement is expected to be done during the state visit of Korean president in December this year. The Korean firm reportedly has proposed to manufacture 8,000 TEU post Panama vessels and is expected to employ 20,000 workers.
