Manila: The Subic Bay Metropolitan Authority (SBMA) of the Philippines has announced that it will construct a shipyard on a 500,000-sq.m site at the bay, aiming at building coastal vessels as part of the government's program to promote the coastal shipping industry, the majority of that fleet needing urgent replacement.
Philippine president Gloria Arroyo has earmarked Subic Bay to become a global top destination for shipbuilding in the coming years with Hanjin Heavy Industries and Construction building a mammoth facility and fellow Korean builder Samsung Heavy Industries also scouring the site for a possible foreign expansion. [15/01/07]
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