AFTER Subic, Korean shipyard operator Hanjin Heavy Industries Corp. (HHIC) will inject an additional $2 billion in its Philippine operations to develop a shipyard in Mindanao.
Hanjin recently invested $1.6 billion in a shipyard at the Subic Bay Freeport which began soft operations early this year.
The Mindanao plant at the Phividec Industrial Estate in Misamis Oriental will be twice bigger than the Subic complex. Construction of the manufacturing plant will start early 2008. By 2010, the plant would be fabricating ships, and by 2012 exporting some $1.7 billion worth of shipbuilding parts and vessels.
