FACTS & DEVELOPMENTSouth Korea to finance new Cebu container port project
Philippine Finance officials said Korea Eximbank (KEXIM) has approved a financing package for the proposed New Cebu International Container Port in Consolacion, Cebu. Finance Secretary Carlos Dominguez III told reporters that selection of this project for financing by South Korea’s export credit agency was based on its internal rate of return, among others. This is among the priority projects of the Duterte administration and will be constructed in a 25-hectare reclaimed area.
The project also include the construction or improvement of 1,450 meters of inland road and construction of a 300 linear meter offshore bridge that will connect the port to the shoreline.(Source: PhilStar, 5 July 2017)
Chinese Investors May Build New Shipyard in Philippines
The Philippine government’s Board of Investments announced that four Chinese firms are considering $10 billion in industrial projects, including a $1.5 billion shipyard.
YDT International, an affiliate of Dalian Wanyang Heavy Industries, is interested in building a yard for building and repairing regional-size vessels of up to 15,000 dwt. If fully built out, the yard would employ more that 2,000 people by 2022. Initial results of the company's feasibility study are expected this month. (Source: Maritime Executive, 3 March 2017)
Philippine Shipbuilders to Help Modernize Military
Having a budget of $2.56 billion for military modernization this year, the Philippine Defense Department is seeking the support of the local shipbuilders industry to help develop the country’s defense and security sectors. Lorenza appealed to local shipbuilding representatives to take part in the Philippine’s Self Reliant Defense Posture Program, a concept developed to stimulate the local economy in the country. The program is expected to provide opportunities for providing military equipment for the Armed Forces of the Philippines modernization program.
“This is where our maritime defense industries are called upon to participate,” Lorenzana told conference delegates. Speaking on the topic, “Self-Reliant Defense Industries: A Challenge to Maritime Defence Industries,” he challenged maritime suppliers to study procurement rules.
(Source: Maritime Executive, 12 July 2017)