Shipbuilding facility to rise in Subic

A modern domestic shipbuilding facility will soon rise in Subic Bay Freeport, Philippines, as part of the government?s Investment Priority Plan. Government officials say there is a pressing need to build about 18 new tankers by next year for the use of local shipping operators, through a lease-to-own scheme. The domestic shipping industry consists mostly of second-hand and ageing vessels, the majority of which came from Japan.