Kalayaan Hall, Malacañan Palace
May 14, 2024

“This undertaking and your companies’ investment plans in the Philippines are testaments to the strong and enduring relationship among the Philippines, South Korea, and the United States,” remarks President Ferdinand R. Marcos Jr. as he congratulates the United States (U.S)based firm Cerberus and South Korea’s HD Hyundai Heavy Industries on the finalization of their lease agreement on a portion of the Agila Subic Shipyard.

In a brief message, the President conveys that the Philippines welcomes HD Hyundai’s investment plans that will not only open new doors for offshore wind industry but will also bring maritime manufacturing back to Subic. He says that their undertaking will not only generate jobs but will also enable the transfer of critical skills and improve the country’s position in the global market.

He likewise commends Cerberus for the realization of its plans, including its interest in microelectronics, semiconductors and critical metals. After acquiring the Agila Subic Shipyard in 2022, the firm has not only worked on revitalizing the shipyard but has also helped the Philippine Navy (PN) establish a worldclass operating base.

“The investments that will be created hereafter are especially beneficial to Subic because these will strengthen the freeport area’s vital role as a hotspot for industrial, commercial, and other economic activities… 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,” the Chief Executive states.

He notes that in 2022, the Philippines was the 7th largest shipbuilder in the world, contributing almost 400,000 gross tons of newly built sea and oceangoing vessels. With the initiative of Cerberus and HD Hyundai, he further underscores that the country will have a strong foundation in realizing its vision in becoming one of the largest and most consequential shipbuilders in the world.

“We have established our position as the largest source of competent and able seafarers in the world. The next logical step for us is to ensure that the ships run by Filipinos can also [be] made by Filipinos,” he adds.

“It is about the ambitious dreams of grounded individuals like yourselves, always eager to take on the challenge and come up with the next big idea that will change the industry and the entire nation. This is the kind of progress, and cooperation, and innovation that I want the Philippines to have. This is the Bagong Pilipinas (New Philippines) that we continue to build,” President Marcos Jr. further expresses in his message.


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