MANILA -- The Philippine Navy wants to join South Korean or U.S. companies in a rescue bid for the country's largest shipyard in Subic Bay, as it seeks to preserve local shipbuilding and quell national security concerns after the facility's collapse in January.
Vice Adm. Robert Empedrad told Nikkei Asian Review in an interview that the navy is seeking a "small" stake in the local unit of South Korea's Hanjin Heavy Industries and Construction, which ceased full-scale operation last month after defaulting on debts totaling $1.3 billion.
