Thursday, November 29, 2007 Korean firm to construct $2B shipyard complex in Mindanao
PRESIDENT Gloria Macapagal-Arroyo on Tuesday welcomed the newest investment of Hanjin Heavy Industries and Construction Corp., which is constructing a $2-billion shipyard complex in Mindanao.
The President welcomed the new Korean investment that is expected to generate some 30,000 new jobs. Hanjin president Jeong Sup Shim paid a courtesy call on Arroyo in Malacañang.
Also present were Phividec Industrial Authority administrator Ninfa Albania and Presidential Management Staff (PMS) director general Cerge Remonde.
Remonde said that in terms of investment, Hanjin's Mndanao plant would be two times bigger than the shipbuilding complex the company is building in Subic, Zambales.
Albania said Hanjin's latest facility is being established at the 3,000-hectare Phividec Industrial Estate in Tagoloan and Villanueva towns in Misamis Oriental.
Jeong said construction of the general manufacturing plant of the shipbuilding facility would start early next year.
Under Phase 2, Jeong said the plant would start fabricating ships in 2010, and by 2012 the facility is expected to export some $1.7 billion worth of shipbuilding parts and vessels.
Jeong said Hanjin's Mindanao plant would employ about 30,000 Filipinos, particularly engineers, welders, and steel fabricators.
He recalled that Hanjin launched its first investment in the country in Mindanao with the construction of the Iligan-Butuan Road in 1973.
