President Ferdinand Marcos Jr. yesterday said the partnership between the American equity firm Cerberus Capital Management and Korean firm HD Hyundai Shipbuilding and Offshore Engineering is expected to strengthen Subic Bay Freeport’s vital role as a hotspot for industrial, commercial, and other economic activities in the country.
“The Subic Freeport Zone is one of the most developed and sought-after investment areas in this country, but it can be greater than what it is with the right investment and with the right innovative projects and approach. With your help, we can further accelerate the progress of Subic, cementing its role as a driver of growth for the rest of the country,” Marcos said.
Cerberus, which acquired Subic shipyard in April 2022, has invested $40 million to make the shipyard operational again, while Hyundai – one of the leading shipbuilding companies in the world — is interested in using two drydocks in Subic for shipbuilding.
The President said Cerberus’ operations at Subic has helped attract other tenants in the area like Subcomm which is the world’s leading subsea cable company, and V2X, a global logistics corporation.
Cerberus has also been working with our Philippine Navy in establishing a world-class operating base.
The President said Cerberus is also interested in microelectronics, semiconductors, and critical metals.
Marcos, meanwhile, welcomed Hyundai’s investment which “will not only open new doors for our offshore wind industry, but will also bring maritime manufacturing back to Subic and eventually restore the glory days of shipbuilding to our shores.”
He said Hyundai’s focus on the development of offshore wind platforms holds well for our goal through transitioning to renewable energy
The President said Hyundai’s investments would not just generate thousands of jobs, but also enable the transfer of critical skills and improve the Philippines’ position in the global market.
Marcos said the project would also help in the upskilling and reskilling of the Filipino workforce to enable them to adapt to new technologies required by industry.
He urged Hyundai to partner with the Commission on Higher Education and Technical Skills Education Development Authority in finding other projects for the development of our talented Filipino workforce.
“This is the kind of progress and cooperation and innovation that I want the Philippines to have. This is the modern Philippines, but the new Philippines that we continue to build. And I hope that in the very near future that we will be measuring the success of this very grand project,” he also said.
