The Philippines and the United States (US) celebrated the conclusion of agreements on the Subic Bay shipyard as it is seen to bring more opportunities for both nations.

Philippine Ambassador to the United States Jose Manuel Romualdez said the completion of acquisition of the former Hanjin shipyard by a US firm will be crucial to the Philippine economy.

Romualdez said the takeover of the shipyard also further boosts the "robust relations" of the two countries.

“The completion of the Subic Bay shipyard will redound to benefits for the country, bring jobs to the local communities, increase economic activity, and at the same fortify our strategic security measures. Working with the United States on this project will help ensure that we are able to protect our interests not only for our country but the whole region,” Romualdez said during a diplomatic reception held on April 19.

He also expressed his appreciation to Philippine and US government officials, as well as to officials of Cerberus Capital Management, which acquired the shipyard, for their support and efforts that led to the conclusion of the agreements.

Foreign Affairs Secretary Teodoro Locsin Jr., on the other hand, said the full takeover of the shipyard by the American firm is considered as a highlight of President Duterte's administration.

“With less than two months left to the Duterte administration, there is no better finale to all the work done to strengthen our ties with the United States than to see the ink on the paper of the biggest public-private partnership in the 75-year history of Philippine-US relations,” he said, stressing the role played by Romualdez to finalize the project from start to finish.

Finance Secretary Carlos Dominguez III also expressed his appreciation to both countries' government officials and Cerberus in initiating and completing the deal. He said that while the project was met with challenges in the early stages, these were overcome through the support of all sides.

US Secretary of the Navy Carlos Del Toro underscored the robust security and military cooperation between the Philippines and the US as long-time treaty allies. He also highlighted the people-to-people ties between the two countries which have kept the relations rich and strong over the years.

Steve Feinberg, co-founder and co-chief executive officer of Cerberus Capital Management, expressed his appreciation to the Philippine and US governments for their "invaluable support in ensuring the conclusion of the agreements."

The diplomatic reception that took place at the Philippine Embassy in Washington, D.C. was also held to welcome the Philippine delegation to the 2022 World Bank and IMF Spring Meetings.