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.
