May 12, 2020
US Navy Eyes Return To Subic Bay In A Commercial Deal
Tuesday, May 12, 2020
US Navy Eyes Return To Subic Bay In A Commercial Deal The US nuclear-powered submarine Michigan docked at Subic Bay in Olongapo City on March 25, 2014. The Michigan, one of the largest submarines in the world, arrived with more than 150 crew members to conduct humanitarian projects in nearby communities as well as for rest and recreation. Photo by EPA
The United States Navy is planning to return to its former base in the Philippines under a commercial deal, the Philippine Navy chief said on Sunday, May 10, after an American equity firm and an Australian shipbuilder expressed keen interest in taking over the Subic shipyard from a bankrupt South Korean company.
Vice Admiral Giovanni Bacordo said the two companies are in the final stages of negotiations with the Philippine government and several banks to take over the operations of Hanjin. The companies reportedly intend to invest about $2 billion and employ the shipyard’s over 30,000 skilled and experienced Filipino workforce.
https://www.onenews.ph/us-navy-eyes-return-to-subic-bay-in-a-commercial-deal
