New york: 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.

According to Philippines News Agency, 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 expressed encouragement by the progress seen and the strong support from the Philippine government. He stated, "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."

Special Assistant to the President for Investment and Economic Affairs Frederick Go, who was part of the President's delegation, emphasized the importance of these projects for improving the country's energy resilience and logistics infrastructure. He noted that they will create thousands of jobs, open new avenues for regional growth, and position the Philippines as a key logistics hub in Southeast Asia.