While a lot of economists stated that the economy of the Philippines is unlikely to achieve 6% growth this year, the New York-based investment firm Cerberus Capital Management is investing an additional P15 billion in the country, according to a Philippine News Agency (PNA) news article. For the newcomers reading this, Cerberus is the operator behind the Agila Subic Shipyard.
To put things in perspective, posted below is an excerpt from the first PNA news article. Some parts in boldface…
New York-based alternative investment firm Cerberus Capital Management is investing an additional PHP15 billion in the Philippines within a year, as it sees progress in its existing operations and government support for foreign investors.
The company, which operates the 300-hectare Agila Subic Shipyard, the former Hanjin Shipyard in Subic Bay that it acquired in 2022, disclosed the plan during a meeting with President Ferdinand R. Marcos Jr. in Washington, DC earlier this week.
In a press release Friday, the company said the additional investments will be used to update the shipyard and introduce new projects in logistics, energy, and transport infrastructure.
Cerberus managing director Alexander Benard said they are “encouraged by the progress we’ve seen and by the strong support from the Philippine government.”
“We believe the Philippines holds significant long-term potential as a regional hub for industrial and logistics activity. We look forward to building on this momentum and supporting the development of our key strategic assets in the Philippines,” he said.
Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will experience a breakthrough of additional foreign investments over the next six months?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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