The Philippines is ideally positioned in the Asia-Pacific region to repair ocean-going & fishing vessels according to a Japanese study.
The report was contained in a study on the ship building and ship repair industry of the Philippines conducted by the Japan International Cooperation Agency and the Nomura Research Institute as part of the ongoing formulation of industry roadmaps by the [Philippine] Department of Trade and Industry reports the Manila Bulletin.
Based on the study, the Philippines has the right ingredients to become a ship repair hub with strengths that include an inland sea, bay and deep seashore, abundant labor and legalized fiscal incentives.
The study has also identified FDIs from Japan and Korea as most promising because shipbuilders from these countries are finally looking outward for expansion opportunities.
Source: Manila Bulletin
In the past, the output of the Philippines' shipbuilding industry was limited only to small ships, tankers, barges, fishing vessels but with the entry of new players like Tsuneishi Heavy Industries of Japan and Hanjin Shipyard of Korea, the Philippines is now ranked overall as the world’s fourth largest player in shipbuilding.
As of the first half of 2012, the Philippines ranked world’s fourth highest in terms of booked orders with China, Japan, Korea and Brazil in the top four.