DOF: Cerberus buyout of Subic shipyard a win for navy, economy

Finance Secretary Carlos Dominguez III described the acquisition of the former Hanjin Heavy Industries and Construction shipyard in Subic Bay by US-based private equity firm Cerberus Capital Management as a 'win-win' for both military and economic interests.

The deal, worth $300 million, will provide an ideal harbor for the Philippine Navy's expanding fleet facing the West Philippine Sea and create 300 new jobs per year.

Dominguez also noted that the acquisition would stimulate the economy, serve military and private sector needs, and allow banks to recover from written-off loans with Hanjin.