In an article from BusinessWorld, Hanjin Heavy Industries and Construction Co. (HHIC) is said to complete its shipyard project in Misamis Oriental by 2017.

This was gathered during a recent ceremony attended by President Benigno S. C. Aquino III at the Korean firm’s shipyard in Subic Bay Freeport Zone for the unveiling of two bulk carriers purchased by Indian company Adani Shipping Pte. Ltd.

The bulk carriers, which were named M/V Rahi and M/V Vanshi after the daughters of Adani’s owner, each weighed 175,000 metric tons with the overall length of 289 meters, breadth of 45 meters and depth of 24.6 meters.

In his address during the ceremonies, Mr. Aquino reiterated his administration’s promise of a business-friendly environment, saying incentives are already being provided to investors.

These include exemption from the value-added tax on importation of equipment and machinery, income tax holiday, and exemption of duties on selected equipment.

He noted that HHIC has invested some $1.9 billion in the Philippines and would generate more jobs with the completion of its new shipyard in Misamis Oriental by 2017.

Below is a portion of PNoy’s speech: SOURCE

The shipyard project at PHIVIDEC has been put on hold for some time now and optimism is high that Hanjin will resume the construction this year after Hanjin received more orders for additional sea vessels. A cousin of mine who works at the Subic Shipyard has informed me they have delivered 18 vessels so far with at least 60 more on the list excluding the 2 carriers unveiled. He doubts whether Subic alone can deliver them on time. He also said there at least 20,000 workers in Subic and that those who have trained at HHIC’s Training Facility in ?Villanueva will return once the shipyard project resumes which will require approximately 40,000 jobs.

Below are old photos of the training facility in Villanueva. Those who have completed the training here are sent to Subic.

I believe 2017 is the completion of the whole shipyard which will be implemented in several phases similar to Subic. If they resume this year, they can build the first ship at PHIVIDEC by end of 2012 or early 2013.

Here’s the LINK of the news.

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