Duterte open to state-backed rescue of Hanjin's Philippine shipyard

Chinese interest in distressed Subic Bay facility raises security concerns

Philippine officials say Hanjin Heavy Industries and Construction's assets in the country are worth $1.2 to $1.3 billion. © Reuters

CLIFF VENZON, Nikkei staff writer

January 16, 2019 21:21 JST

MANILA -- Philippine President Rodrigo Duterte is willing to consider government involvement in a rescue of the country's biggest shipyard, whose future is in doubt after its South Korean owner put the local unit into bankruptcy protection last week, according to Defense Secretary Delfin Lorenzana.

Lorenzana told a Senate hearing on Wednesday that the president was "very receptive" to the idea of the state being a minority investor in a private sector-led rescue of the Hanjin Heavy Industries and Construction's Philippine shipyard, when he brought it up during a meeting on Tuesday.