Philippines to formulate five year shipbuilding plan

Manila: The Philippines President Gloria Macapagal Arroyo (pictured) has approved the creation of an executive committee to draw up an in-depth five-year plan for development of the shipbuilding sector. "The accelerated and sustained development of the ship building and ship repair sector requires the joint and active collaboration between the government and the private sector as shown by even the most developed countries in the world," said President Arroyo.

The committee, headed by the Maritime Industry Authority, has two months to submit a proposal for approval by the President. The plan will focus on sustaining growth in the sector, recently accelerated as a result of Korean shipbuilder Hanjin's plan to build the world's fourth largest shipyard in the country.  [27/12/06]