The government lost billions of pesos in power subsidies and tax incentives to now-defunct Hanjin Heavy Industries and Construction Philippines Inc. (HHIC-Phil), the Fiscal Incentives Review Board (FIRB) said. In a statement Tuesday, June 7, Finance Assistant Secretary and FIRB Secretariat Head...
The Fiscal Incentives Review Board (FIRB) has approved the grant of tax incentives to the P17-billion US-funded Project AGILA, which seeks to redevelop and operate the Hanjin shipyard in the Subic Bay freeport zone. In a statement, Tuesday, May 10, FIRB said the project was granted special...
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. ( Photo courtesy of the Philippine Embassy in Washington, DC) Philippine Ambassador to the United States Jose Manuel Romualdez...
US firm Cerberus Frontier has completed the acquisition of the former Hanjin shipyard at the Subic Bay Freeport in Zambales, a “win-win” takeover especially for the Filipino people, according to the Department of Finance (DOF). At the reception in Washington marking Cerberus’ full takeover of...
Department of National Defense (DND) Secretary Delfin Lorenzana announced Wednesday, March 9, that there will be no impact on the country’s national security if the reported takeover of an abandoned shipyard in Subic Bay, Zambales by a United States private equity firm will push through. Overview...
Renegotiation of the contract of South Korean-owned Hanjin Heavy Industries and Construction-Phils. Inc. (HHIC-PH) for the sprawling shipyard facility in Subic is nearing completion and which will be assigned to their “white knight,” according to Subic Bay Metropolitan Authority. SBMA...
Negotiation between two global shipbuilders Hanjin of South Korea and Austal of Australian for the Subic shipyard is expected to be finalized next month or two, according to the Australian Ambassador to the Philippines. At the annual media briefing, Ambassador Steven J. Robinson said that...
