MANILA -- President Ferdinand Marcos Jr on Tuesday welcomed the announcement of the partnership between South Korea's shipbuilding company, HD Hyundai and the US investment firm, Cerberus, for the use of a portion of Subic for shipbuilding business. 

Marcos said the finalization of the lease agreement on a portion of the Agila Subic shipyard will bring maritime manufacturing back to Subic and eventually "restore the glory days of shipbuilding" in our country.  

Cerberus acquired the Subic shipyard in 2022 and invested around $40 million to revive its shipyard operations.

HD Hyundai intends to use its drydocks for the shipbuilding business, potentially boosting the economic activities in the area, Marcos said. 

"Not only would it generate thousands of jobs, but also enable the transfer of critical skills and improve the Philippines’ position in the global market," Pres. Marcos said.  

The President also encouraged HD Hyundai to partner with the Commission on Higher Education (CHED) and Technical Skills Education Development Authority (TESDA) for upskilling and reskilling the Filipino workforce in the shipyard industry.

"They will not only bring their skills to your company, but the brand of dedication, compassion, and hard work that has become the trademark of the Filipino worker," he said.

Hanjin Heavy Industries used to operate the shipyard, employing around 20,000 workers until the South Korean firm declared bankruptcy in 2019.