Can the Philippines forgo Chinese investment for maritime security?
- Aileen S.P. Baviera
In January 2019, South Korea’s Hanjin Heavy Industries and Construction closed down its shipbuilding operations in the Philippines. Hanjin represented the single biggest case of foreign investment in the country when it entered in 2006. Its ship exports have helped put the Philippines on the map as the world’s fifth-largest shipbuilding country. The Hanjin shipyard alone sits on a 300 hectare area of Subic that was the United States’ biggest naval base in the Western Pacific before it became a free-port zone in 1992. At its peak, Hanjin employed a 33,000-strong workforce.