Subic Bay

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Posted (edited)

Just read this news item if not already been a point of discussion.

A bankruptcy in the Philippines sparks concerns of Chinese firms taking over a former US naval base

Edited by Kuya John
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Posted
25 minutes ago, Kuya John said:

Just read this news item if not already been a point of discussion.

A bankruptcy in the Philippines sparks concerns of Chinese firms taking over a former US naval base

If you had a link, it is not there.  There are plenty of stories if one Googles.

I keep seeing that type of headline "taking over a former US Naval base" and that is not the case.  Hanjin Shipyard is the only part of the Freeport impacted, and that is across the bay from the main freeport, on the left of this map.

Screenshot (396).png

It would be a huge risk to let China get their toe in the door there via Chinese shipbuilders, but I don't think it will happen.  I haven't seen one person come out on this as pro-China "yes, it would be good" but I have seen many local and National leaders come out strongly against it.  If Hanjin can't reorganize and continue to operate there, most likely the government would try to run it and build smaller ships for local use.

Apparently, the 4 Philippine banks involved can take the hit, if they have to, without going beyond banking thresholds set by the government, which are actually more strict than the Int'l standards.

Odd thing is, about 3 years ago, Hanjin said things were going great and they were looking to hire 10,000 more workers!  Things sure can change quickly!  That must have been about the time the demand fell off the cliff.

 

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Posted

I assume they are referring to that big ship boneyard at subic , if it is ,the local expats were saying that it has a very high casualty rate big Chinese employer 

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Posted (edited)

There's plenty of grief these days, starting in SE Asia, down into Africa, and all the way across into Latin America, regarding Communist China and infrastructure. Best thing the Filipinos could do is take it over and start a domestic ship building industry, IMHO.

Beware Chinese bearing gifts.

Edited by Reboot
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