Megaship Builders Inc. said the company is investing P9 billion to expand its shipyard capacity in Leyte and open a new shipyard in Bataan.

In a statement, Francis Lloyd Chua, Megaship Builders owner, said they are taking advantage of the government's updated Maritime Industry Development Plan 2028, which prioritizes the development of the maritime industry to promote economic growth and trade.

Chua is also the new owner of Asiabest Group International.

Megaship Builders, established in 2012, operates a shipyard in Leyte. It currently has a shipbuilding capacity of 50,000 deadweight tonnage (DWT) and a ship repair capacity of 20,000 DWT.

However, under its expansion plan, the shipbuilding and ship repair capacities will be increased up to 100,000 DWT.

The company will also open a shipyard in Bataan soon, which will have a shipbuilding capacity of 200,000 DWT and a ship repair capacity of 100,000 DWT.

The shipyards provide services such as ship building, ship repair, and ship conversion. They also help shipowners with completion of their mechanical works and designing their new machinery.

Megaship Builders earlier stated it would be taking advantage of the Shipyard Modernization Program — a core component of the MIDP.

As such, the company has sought financing from the Development Bank of the Philippines for its expansion plans that increased its operational capacity in its Leyte shipyard from two ships per month to six to eight ships per month.

In addition, DBP’s backing has allowed the company to introduce slipways within its facilities. Slipways are ramps that allow ships to be moved from and into the water.

Megaship Builders said the introduction of slipways has a revolutionary impact to the maritime industry by boosting transportation of goods through building large ships more efficiently.

It added that this would have a ripple effect on overall trade volume, with the company stating trade revenues could grow by as much as 50 percent.