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            august 26, 2019

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Chinese investments in Philippines shipyard still welcomed


The Philippines' Defense Secretary Delfin Lorenzana says it isn't closing its doors to Chinese investors interested in Hanjin Heavy Industries Construction Co Ltd's local shipbuilding facility, despite security concerns raised by the possibility of Chinese firms taking over the facility, according to Shipping Gazette.
The government is "open to all proposals" for investment in Hanjin's facility, Mr Lorenzana told Bloomberg News. But the Southeast Asian country will consider national security as the shipyard is located near the disputed South China Sea, parts of which are claimed by both the Philippines and China, he said.
"There are so many things riding on the rehabilitation of Hanjin that must be taken into consideration: the investors' money, the workers and the economic benefit of the shipyard," said Mr Lorenzana, who has proposed that Manila acquire the shipyard to build its own navy and coast guard vessels.
Philippine Trade Secretary Ramon Lopez also said his department hasn't barred investment from Chinese or other foreign citizens interested in Hanjin's facility. Japan's Nikkei Asian review reported recently that the Philippines plans to exclude Chinese bidders from buying the country's largest shipyard, citing comments from an unnamed trade official.
Eight companies from US, Japan, Korea and the Netherlands are keen on investing in the shipyard after Hanjin filed for debt restructuring and was subsequently put under receivership in January, Mr Lopez said earlier. Chinese firms are interested in investing in Philippine shipbuilding facilities, but not necessarily Hanjin, he added.

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