Hyundai, one of the most prestigious shipbuilding companies, expressed interest in using two drydocks in Subic for shipbuilding, the Presidential Communications Office (PCO) said in a press release on May 12.
PCO quoted officials as saying the project could generate 5,000 to 15,000 jobs.
Hyundai eyes to move to the facility by yearend, the PCO added.
PCO made these disclosures following a meeting by President Ferdinand Marcos Jr. with officials of Cerberus Global Investment LLC led by its chairman and former US vice president James Danforth Quayle last May 12.
Cerberus, a global alternative investment firm with assets across credit, private equity, and real estate strategies, acquired Subic shipyard in 2022 and has invested $40 million to make the shipyard operational again. Currently, the Philippine Navy has a naval operating base in Subic with 800 personnel.
PCO said Cerberus also sees value and potential in improving the Subic airport for logistics or cargo and plans to propose to the Subic Bay Metropolitan Authority to convert the airport into a cargo and logistics hub.
Aside from those ventures, Cerberus is also looking to invest in the country’s semiconductors, and energy sectors.
PCO said Cerberus subsidiary Subcomm, engaged in building and installing submarine cables, will also move to the facility in August. The move is seen to generate additional employment in the area.
The entry of Hyundai and Subcomm in Subic is seen create much needed economic activity in Subic that could also benefit downstream industries in the area.
Quayle told the President during the courtesy call that the company is excited to be a part of the Philippine economic growth story and has been planning more and bigger investments to the Philippines.
The Cerberus offer came following the President’s success in the 42nd Asean Summit in Labuan Bajo Indonesia earlier this week.
Apart from Quayle, the company officials who met the President were Cerberus co-chief executive Frank Bruno and co-head Alexander Benard.
Cerberus, founded in 1992, manages up to $60 billion in assets globally. The company has experience in direct investments, private equity, growth, and venture transactions in various region and maintains 27 sites around the world.