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World’s largest ship to be built in Subic
Sunday, June 24, 2007

SUBIC BAY Freeport: President Arroyo announced that top Subic investor Hanjin Heavy Industries will be building the world’s largest ship worth $150 million and will be investing another $600 million in the free port.

The President made the announcement during the formal opening of the P653-million Subic-Cawag-Balaybay Road leading to the fourth largest shipbuilding company in the world, Heavy Hanjin Heavy Industries and Construction Co.

Mrs. Arroyo also mentioned that the first of 33 container vessels that were preordered from Hanjin, worth $70 million each, is now being manufactured in Subic.

“Today, we’ll be going to the industrial park of Subic and witness the start of fabrication of the first of 33 container vessels being manufactured by our great Filipino workers here in Hanjin,” she said.

By the end of the year, Hanjin will finish three container ships.

“The shipyard will transform Subic into the fourth largest shipyard in the world,” the President added.

She also announced that the Subic port project would be finished at the end of the month.

Hanjin is seen to boost the economic expansion and development of Zambales.

The 16.15 kilometer Subic-Cawag-Balaybay Road, funded by the Department of Public Works and Highways and the Bases Conversion and Development Authority (BCDA), is now finished, linking the $1.6-billion shipyard to the proposed Zambales Industrial Park—the provincial port and the Subic Bay Freeport Zone—by land.

Gov. Vicente Magsaysay of Zambales, Director Jeong Sup Shim of Hanjin Heavy Industry, SBMA Administrator Armand Arreza, SBMA Chairman Feliciano Salonga, SCAD Chairman Eduardo Pamintuan and Rep. Mitos Magsaysay of the First District accompanied the President in opening the Subic-Cawag-Balaybay Road.
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