President Ferdinand Marcos Jr. (MALACAÑANG FILE PHOTO)
MANILA, Philippines — A global investment firm has committed bigger investments as it aims to expand its operations in the Philippines, Malacañang said on Friday.
The Presidential Communications Office (PCO) said former US vice president and Cerberus Global Investment LLC chairman James Danforth Quayle told President Ferdinand Marcos Jr. during the courtesy call that the company is excited to be a part of the Philippine economic growth story and has been planning more and bigger investments to the Philippines.
With this, Marcos said he is optimistic about the Philippines’ chances to regain its footing in the global shipbuilding industry, since Cerberus is an alternative investment firm with assets across credit, private equity, and real estate strategies.
“We’re all very excited about this project and… we have always tried to find a way to regain our position in shipbuilding. We were already number 2 for a while and then when Hanjin closed,” Marcos said during a meeting with Cerberus top executives in Malacañang, as quoted by the PCO.
The Cerberus offer came following Marcos’ attendance at the 42nd Asean Summit in Labuan Bajo Indonesia earlier this week.
The PCO said Cerberus acquired Subic shipyard in 2022 and has invested US$40 million to make the shipyard operational again.
The Philippine Navy has a naval operating base in Subic with 800 personnel.
Hyundai, one of the most prestigious shipbuilding companies, expressed interest in using two drydocks in Subic for shipbuilding, which officials said could generate 5,000 to 15,000 jobs. Hyundai eyes to move to the facility by year-end.
The PCO said that Cerberus, employing a different investment approach, wants to ensure diverse economic activity by having multiple companies engaged in various businesses.
“The firm also sees value and potential in improving the Subic airport for logistics or cargo and plans to propose to the Subic Bay Metropolitan Authority (SBMA) to convert the airport into a cargo and logistics hub,” the agency said.
Aside from those ventures, Cerberus is also looking to invest in the country’s semiconductors and energy sectors.
Cerberus subsidiary Subcomm, engaged in building and installing submarine cables, will also move to the facility in August. The move is seen to generate additional employment in the area.
The entry of Hyundai and Subcomm in Subic is seen to create much-needed economic activity in Subic that could also benefit downstream industries in the area, the PCO said.
Apart from Quayle, the company officials who met the President were Cerberus Co-Chief Executive Frank Bruno and Co-head Alexander Benard.
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