The story will be different if the
country has its own indigenous shipbuilding capability, after all we are a
maritime country.
As announced
the Philippine Navy (PN) has already signed a “term sheet” with cash-strapped
shipbuilder Hanjin Heavy Industries and Construction (HHIC-Phil) for the use of
its facility in Subic, Zambales.
“In fact, just last week (June 1), I (have)
signed a term sheet (with HHIC-Phil) for the North Yard. The term sheet means
negotiation will continue (and) that (we) have accepted the terms there,”
outgoing PN chief Vice Admiral Giovanni Carlo Bacordo said.
 |
| Hanjin Heavy Industries and Construction (HHIC-Phil) for the use of its facility in Subic, Zambales. (photo credit to owner) |
A term sheet
is a bullet-point document outlining the material terms and conditions of a
potential business agreement that establishes the basis for future negotiations
between a seller and buyer. It is usually the first documented evidence of a
possible acquisition.
The PN is eyeing to convert and use 100 hectares
of HHIC-Phil’s North Yard into an installation that will house the Philippine
Fleet, Naval Sea Systems Command, Naval Installation Command, and the
Amphibious Assault Battalion.
The North Yard is located near HHIC-Phil’s
Graving Dock No. 5 (also known as a dry dock) and is used to construct, repair,
and maintain ships.
Bacordo also further explains the
next steps after the signing: “So the next phase is already the terms of
reference, all the details, the payment details, the stay of the Navy, for how
long, and chargeability, all of these will be in the terms of referenc.”
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