The Japanese shipbuilders are being wooed by the representatives of the Philippine Government to bring their business to the Philippines. According to the Undersecretary of Department of Trade and Industry (DTI), Cristino L. Panlilio, a meeting has been held with the Japanese Shipbuilders Association, who pointed out that the meeting resulted in tabling of various options for potential future shipbuilding projects.
This move comes within the framework of the 2012 Investment Priorities Plan, consisting of a list of industrial branches eligible for government incentives, which is said to surpass the last year’s amount worth P360 billion, the Manila Bulletin informs.
A significant slice of the funding has been assigned to the shipbuilding sector, which has sparked high interest from foreign steel manufacturers over the last few years.
The operation of Tsuneishi Corp, Hanjin Heavy Industries and numerous others are being used as successful examples to attract Japanese stakeholders to the country.
Operation of Korean’s Hanjin Heavy Industries through the Philippines based Subic Shipyard, which is envisaged to be the fourth largest shipyard in the world, boosted both employment and economic development in the country.
Shipbuilding Tribune Staff, August 10, 2012; Image: hhic-phil