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Aerospace & Defense Industries

China tensions boost defense industry at Philippines' Subic Bay

Private equity company Cerberus reviving shipyard at former U.S. naval base

Cerberus Capital Management took over the bankrupt Hanjin shipyard at Subic Bay in 2022. (Photo courtesy of Subic Bay Metropolitan Authority)

SUBIC, Philippines -- Rising tensions with China are creating a business opportunity for Philippine officials looking to revive U.S. defense industry activity at the former American naval base in Subic Bay.

More than three decades after the withdrawal of American forces, Subic stands to benefit as the U.S. and the Philippines increase military cooperation in response to China's assertive policies in the South China Sea and toward Taiwan.

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