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Former US vice president and Cerberus chairman James Danforth Quayle ρáíd a courtesy call on President Ferdinand Marcos Jr. in Malacañang on Friday. Photo from PCO© Provided by The Manila Times
US-BASED Cerberus Global Investment LLC has pledged "bigger investments" as it aims to expand its operations in the Philippines, a Palace official said.
The commitment was made when Cerberus Global Investment LLC's top executives, led by former US vice president and company chairman James Danforth Quayle, ρáíd a courtesy call on President Ferdinand Marcos Jr. in Malacañang on Friday.
In a statement, Presidential Communications Secretary Cheloy Garafil said Quayle told Marcos that Cerberus is "excited" to be a part of the Philippine economic growth story and has been planning to bring "more and bigger" investments to the Philippines.
Marcos said he is optimistic on the Philippines' chances to regain its footing in the global shipbuilding industry, since Cerberus is an alternative investment firm with assets across credit, private equity and real estate strategies.
"We're all very excited about this project and... we have always tried to find a way to regain our position in shipbuilding. We were already number two for a while and then Hanjin closed," Marcos said.
The Cerberus offer came following Marcos' attendance in the 42nd Association of Southeast Asian Nations Summit in Indonesia earlier this week.
In 2022, Cerberus acquired the debt-laden Hanjin shipyard at the Subic Bay Freeport.
Hyundai, one of the most prestigious shipbuilding firms, expressed interest in using two drydocks in Subic for shipbuilding and moving to the facility by year-end.
Employing a different approach to investment, Cerberus wants to ensure diverse economic activity by having multiple companies engaged in various businesses, Garafil said.
Garafil said that Cerberus subsidiary Subcomm, engaged in building and installing submarine cables, will also move to the facility in August this year, an initiative which could generate additional employment in the area.
"The entry of Hyundai and Subcomm in Subic is seen to create much-needed economic activity in Subic that could also benefit downstream industries in the area," she said.
Garafil said Cerberus also sees value and potential in improving the Subic airport for logistics or cargo and plans to propose to the Subic Bay Metropolitan Authority to convert the airport into a cargo and logistics hub.
Cerberus is also eyeing investments in the country's semiconductors and energy sectors, she added.
Apart from Quayle, company officials who met Marcos in Malacañang were Cerberus co-chief executive Frank Bruno and co-head Alexander Benard.
FROM: THE MANILA TIMES
Former US vice president and Cerberus chairman James Danforth Quayle ρáíd a courtesy call on President Ferdinand Marcos Jr. in Malacañang on Friday. Photo from PCO© Provided by The Manila Times
US-BASED Cerberus Global Investment LLC has pledged "bigger investments" as it aims to expand its operations in the Philippines, a Palace official said.
The commitment was made when Cerberus Global Investment LLC's top executives, led by former US vice president and company chairman James Danforth Quayle, ρáíd a courtesy call on President Ferdinand Marcos Jr. in Malacañang on Friday.
In a statement, Presidential Communications Secretary Cheloy Garafil said Quayle told Marcos that Cerberus is "excited" to be a part of the Philippine economic growth story and has been planning to bring "more and bigger" investments to the Philippines.
Marcos said he is optimistic on the Philippines' chances to regain its footing in the global shipbuilding industry, since Cerberus is an alternative investment firm with assets across credit, private equity and real estate strategies.
"We're all very excited about this project and... we have always tried to find a way to regain our position in shipbuilding. We were already number two for a while and then Hanjin closed," Marcos said.
The Cerberus offer came following Marcos' attendance in the 42nd Association of Southeast Asian Nations Summit in Indonesia earlier this week.
In 2022, Cerberus acquired the debt-laden Hanjin shipyard at the Subic Bay Freeport.
Hyundai, one of the most prestigious shipbuilding firms, expressed interest in using two drydocks in Subic for shipbuilding and moving to the facility by year-end.
Employing a different approach to investment, Cerberus wants to ensure diverse economic activity by having multiple companies engaged in various businesses, Garafil said.
Garafil said that Cerberus subsidiary Subcomm, engaged in building and installing submarine cables, will also move to the facility in August this year, an initiative which could generate additional employment in the area.
"The entry of Hyundai and Subcomm in Subic is seen to create much-needed economic activity in Subic that could also benefit downstream industries in the area," she said.
Garafil said Cerberus also sees value and potential in improving the Subic airport for logistics or cargo and plans to propose to the Subic Bay Metropolitan Authority to convert the airport into a cargo and logistics hub.
Cerberus is also eyeing investments in the country's semiconductors and energy sectors, she added.
Apart from Quayle, company officials who met Marcos in Malacañang were Cerberus co-chief executive Frank Bruno and co-head Alexander Benard.
FROM: THE MANILA TIMES