Shipbuilding: Korean firm favourite for $1 billion dollar facility in Philippines

An un-named Korean company is expected to sign an agreement to invest $1 billion dollars in a ship building facility in Subic Bay, Philippines.

According to the Subic Bay Metropolitan Authority (SBMA) administrator and CEO Armand C. Arreza, the signing will take place during the visit of the Korean president next month.

The Manilla Bulletin reports that the Korean firm has proposed to manufacture 8,000 TEU post Panama vessels and is expected to employ 20,000 workers.