PH Navy closer to use of Subic's Hanjin shipyard with ‘term sheet’ signing

PH Navy closer to use of Subic's Hanjin shipyard with ‘term sheet’ signing


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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