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2022-04-23 Southeast Asia
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American firm buys Philippine shipyard on ex-US base by South China Sea
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A Where Are They Now kind of thingy. [BenarNews] A private American firm has purchased a strategic shipyard on a former U.S. navy base in the Philippines by the South China Sea, U.S. and Filipino officials said, ending speculation about possible Chinese investment in the project.
This week the Filipino envoy to the United States thanked American officials for their efforts towards the agreement with New York-based private equity firm Cerberus Capital Management, saying that U.S. involvement in the shipyard at Subic Bay would enhance the security of the Philippines and Southeast Asia.
"The completion of the Subic Bay shipyard will redound to benefits for the country, bring jobs to the local communities, increase economic activity, and at the same fortify our strategic security measures," Ambassador Jose Manuel G. Romualdez said during a diplomatic reception held Tuesday at the Philippine Embassy to celebrate the agreement and Manila-Washington relations, according to a statement from the embassy on Thursday.
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Posted by trailing wife 2022-04-23 00:00||
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