A global investment company has committed to invest in the Philippines' bid to regain its footing in the global shipbuilding industry.
President Ferdinand 'Bongbong' Marcos Jr. (Photo courtesy of Malacañang)
President Ferdinand "Bongbong" Marcos Jr. revealed that Cerberus Global Investment LLC, a global alternative investment firm with assets across credit, private equity, and real estate strategies, pledged more investments and local employment in the Philippines.
“We’re all very excited about this project and… we have always tried to find a way to regain our position in the shipbuilding. We were already number 2 for awhile and then when Hanjin closed,” Marcos said during a meeting with Cerberus top executives in Malacañang on Friday, May 12.
Marcos said former US vice president and Cerberus chairman James Danforth Quayle told him that the company is excited to be a part of the Philippine economic growth story and has been planning more and bigger investments to the country.
Cerberus acquired Subic shipyard in 2022 and has invested US$40 million to make the shipyard operational again. Currently, the Philippine Navy has a naval operating base in Subic with 800 personnel.
According to Marcos, Cerberus wants to ensure diverse economic activity by having multiple companies engaged in various businesses.
The firm also sees value and potential in improving the Subic airport for logistics or cargo and plans to propose to the Subic Bay Metropolitan Authority (SBMA) to convert the airport into a cargo and logistics hub.
Aside from those ventures, Cerberus is also looking to invest in the country’s semiconductors, and energy sectors.
Cerberus subsidiary Subcomm, engaged in building and installing submarine cables, will also move to the facility in August. The move is seen to generate additional employment in the area.
Cerberus, founded in 1992, manages up to USD60 billion in assets globally. The company has experience in direct investments, private equity, growth, and venture transactions in various regions and maintains 27 sites around the world.