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Hanjin to build $2B shipyard in Mindanao
Hanjin Heavy Industries and Construction Corp. is constructing a new shipyard complex in Mindanao.
Hanjin president Jeong Sup Shim said the new $2-billion plant which starts construction next year, is two times bigger than the shipbuilding complex the company is building in Subic, Zambales.
Ninfa Albania, Phividec Industrial Authority administrator, said Hanjin's latest facility will rise at the 3,000-hectare Phividec Industrial Estate in Tagoloan and Villanueva towns in Misamis Oriental.
Under the second phase, the plant would start fabricating ships in 2010, and by 2012, export $1.7-billion worth of shipbuilding parts and vessels.
Mr. Jeong said Hanjin's Mindanao plant would employ about 30,000 engineers, welders and steel fabricators.
Hanjin launched its first investment in the country in Mindanao with the construction of the Iligan-Butuan Road in 1973.