French shipbuilding firm OCEA S.A. is firming up its P1.5-billion investment in the Philippines with the planned signing of a financing agreement between its government and the Department of Finance (DOF) that would cover for the cost of vessels it would procure for the Philippine Coast Guard (PCG),
In a press briefing on Monday, Trade Undersecretary Ceferino Rodolfo said the supply of vessels would kick off the investment on a possible shipbuilding facility, the location of which is yet to be determined.
OCEA’s planned investment will create 500 to 600 direct and indirect jobs in the Philippines, as it eyes to build 15 to 120-meter boats for several markets intended for maritime safety and security, transportation and fisheries.
OCEA initially made the investment pledge for a shipyard project in the Philippines during the 9th Philippine-France Joint Economic Committee meeting held in July 2021.
So far, the company has identified several locations for the planned shipyard, which include Mariveles, Bataan; Batangas; Sual, Pangasinan; and Subic.
Currently, OCEA has new contracts under negotiation to build vessels for the PCG and the Philippine Merchant Marine Academy.
