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Philippines' largest shipyard to close in blow to Hanjin rescue

Duterte under pressure to save jobs as massive layoff looms in Subic Bay

Hanjin Heavy Industries' Subic shipyard in the Philippines faces imminent closure unless a buyer can be found. (Photo courtesy of HHIC Philippines)

MANILA -- The Philippines' largest shipyard is set to close with the loss of some 3,500 jobs as financial troubles deepen around its South Korean owner, Hanjin Heavy Industries and Construction.

The decision to halt operations will complicate efforts by the Philippine government and Hanjin to find an acceptable white knight to rescue the Subic Bay shipyard, which sits at the strategically sensitive entrance to the South China Sea, where Beijing has steadily been building up a military presence.

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