Subic Bay Freeport Zone (2 October) -- Hanjin Heavy Industries and Construction Co. (HHIC), was projected to be the 4th largest shipbuilding industry in the world as pronounced by PGMA on her recently concluded site visit.

This jobsite is located in Redondo Peninsula along the coastline of Subic Bay, sitio Agusuhin, barangay Cawag, in the municipality of Subic, province of Zambales. Traveling time will take 20 minutes via yatch on one way trip, assuming the weather is fine.

According to SBMA Chairman Salonga, this project is being complemented by the on-going construction of the new container port under the Subic Port Development Project as well as the Subic-Clark Toll Road Project under the 10 point agenda of PGMA, which are both funded by the Japan Bank for International Cooperation (JBIC).

Prior to the occupancy of Hanjin in the area, in February of this year, Hanjin Shipping and Industrial Co. Ltd. of South Korea, has granted compensation checks among 196 families of barangay Cawag, as part of its clearing operation for the construction of the shipyard.

As of April this year P2.7 millions in check was released by Hanjin for the construction of public schools, church, and other public facilities for the relocated residents which will be built within the relocation site.

In like manner, HHIC opened a P40 million most modern training center for shipyard workers located in the center of Subic town.