THE surprise bankruptcy of shipbuilder Hanjin Heavy Industries and Construction Philippines (HHIC-PH) is certainly cause for grave concern. But just as Malacañang has so far downplayed the urgency of the matter, the appropriate government response in the meantime would be to carefully monitor and assess the situation, instead of moving to take over the troubled facility as suggested by some lawmakers.
The Hanjin PH shipyard’s financial demise will unavoidably have some negative impact on the country’s economy, however little it would be as estimated by ratings agency unit Fitch Solutions. Hanjin PH was the largest employer within the Subic Bay Metropolitan Authority (SBMA) area, at one time employing more than 30,000 people. For most of its 10 years of full operation in the country, the shipbuilder has been one of the Philippines’ top exporters, helping to establish the Philippines as one of the top shipbuilding countries in the world.
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