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Philippines to provide support for smaller vessel shipbuilding

The Philippines Department of Trade and Industry (DTI) is planning to spur the local shipbuilding industry by providing a support package for the manufacture of small and medium-sized vessels for domestic use, local reports said.

“We are preparing a support package for the shipbuilding industry, which would build a maritime industrial park in the country along with the promotion of medium and small sized vessels particularly RoRo,” Assistant Secretary for Trade Rafaelita Aldaba said.

Trade Secretary Ramon Lopez said the support package is still in the planning stage but is being seriously considered to further accelerate the development of the local shipbuilding industry.

He said the incentives would be “tailored depending on the needs of the industry”.

Initially, however, Lopez said the target is to incentivize shipbuilders that would manufacture small and medium-sized vessels for domestic use.

According to DTI, the Philippines has an adequate supply of skilled manpower for shipbuilding and ship repair, adding that as an island nation, a shipbuilding industry is a natural development.

“With a good management and skilled human resource matched with capital, technology and global market opportunities, the industry is moving forward to make the Philippines one of the largest shipbuilding nation in the world in the next five to 10 years,” the DTI said.

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