Philippines heralds opening of South Korean-run shipyard

Manila: The Philippines on Tuesday opened a shipyard its president sees as part of a shipbuilding revival and its South Korean operator views as a fut...

Manila: The Philippines on Tuesday opened a shipyard its president sees as part of a shipbuilding revival and its South Korean operator views as a future "strategic hub" for its expanding relationship with the United States.

The ceremony at Subic Bay, north of Manila, marked the start of construction on a 115,000-ton petrochemical carrier by HD Hyundai's shipbuilding division, the first of four ordered by an "Asia-based shipping company" in December.

Speaking at the former US naval base home, President Ferdinand Marcos said his government was "reviving shipbuilding" in the country with the new facility, touting a near-doubling of capacity to 2.5 million tons.

"This means that we can accommodate vessels with higher volumes, boost our export potential and create more jobs for our Filipino workers," Marcos told an audience that included the US and South Korean ambassadors.