THE full story of Hanjin Heavy Industries and Construction Co.-Philippines (HHIC-Phil) Inc., once touted as the shining star of Subic Freeport and an inspiration to Philippine policy-makers who used it as part of their basis to list shipbuilding among the countrys most promising industries, will perhaps not be known anytime soon.
It is a saga that raises numerous questions, chiefly: how could such a big operationrepresenting the biggest investment for Subicsuddenly fail, as to force lawyers of the Korean giants affiliate to rush to an Olongapo court on January 8 to seek relief from holders of its $400 million in debt to leading local banks?
HHIC-Phil has invested $2.3 billion in the Subic Bay Freeport since beginning operations in 2007. …
Read the full article at: https://businessmirror.com.ph/a-giant-stumbles-in-subic-too-big-to-fail/