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A major corporate bankruptcy in the Philippines sparked concerns in the country regarding the possibility of the Subic Bay former US Naval base falling under Chinese control. Philippine officials are reportedly looking at ways to take over the shipyard to prevent Chinese companies from purchasing the site.
CNBC reported that officials, even the defense secretary expressed concerns of an increased Chinese presence in the South China Sea area, even if it would be a commercial one.
“Hanjin Heavy Industries and Construction Philippines has been operating an industrial shipyard in Subic Bay for years. But the company, a shipbuilding unit of South Korean firm Hanjin Heavy Industries and Construction, declared bankruptcy in January after defaulting on loans of over $400 million from Philippine banks. It is believed to be one of the largest corporate defaults in Philippine history and puts thousands of local jobs at risk,” CNBC reported. In addition the company has $900 million in outstanding loans to South Korean lenders.
Hanjin Philippines asked the Manila government for assistance in finding investors to take over the shipyard operations and help its staff, the official Philippine News Agency reported.
Defense Secretary Delfin Lorenzana disclosed the information, but said there is still a lack of information regarding the matter.
“We still lack complete information about it so I will defer any comment. Anyway, our economic managers are looking into it. (It) would be good if a local company would acquire and operate it to support our Navy modernization,” Lorenzana said.
The defense chief, however, said dealing with the matter is still up to the country’s economic team.
“Yes, that was the suggestion I made to (Finance) Secretary (Sonny) Dominguez. It (is) up to them to decide but that is the ideal set up,” the Defense Secretary said.
According to Subic Bay Metropolitan Authority, HHIC-Phil filed a petition on January 8th at the Regional Trial Court in Olongapo City “to initiate voluntary rehabilitation under Republic Act 10142, otherwise known as “An Act Providing for the Rehabilitation or Liquidation of Financially Distressed Enterprises and Individuals.”
The Subic Bay base, which is located 100 km northwest of Manila Bay used to be operated by Spain and the US and was one of the largest US naval facilities. After being closed in the early 1990s it was transformed into a special economic zone by the Philippine government.
Two Chinese shipbuilding firms — one of which is state-owned — have expressed interest in taking over the shipbuilder.
Defense Secretary Lorenza also said Manila was looking to purchase more ships in the next decade, and it would be advantageous for it to have the shipyard under its control.
“The most critical external security challenge for the Philippines is the territorial and maritime claims in the South China Sea,” Lorenzana said. “Compounding the issue is the backdrop of a rapidly evolving regional environment, where the United States-China geopolitical rivalry is deepening and a potential Taiwan Strait conflict is brewing.”
He noted that Washington remained the Philippines’ “only treaty ally” despite Duterte’s military pivot to China since he became president in mid-2016.
“China, our big, next door neighbor, has occupied and militarized some features closer to our shores,” the defense secretary said. “We have not, and we will not, surrender any part of our territory.”
Companies from the U.S., Australia, Japan and South Korea have also expressed interest, according to Lorenzana, who suggested that Manila could also lease a majority stake to an external entity while keeping a minority share.
On January 12th, Alexander Pama, a retired Philippine navy vice admiral and former Navy chief between 2011-2012 expressed his concerns over the possibility of China acquiring Subic Bay in a Facebook post.
“Let’s be aware that this Hanjin shipyard issue is not just about business, financial and other economic issues. This is a VERY SIGNIFICANT NATIONAL SECURITY ISSUE!”
“The ownership of Hanjin shipyard in Subic bay will give the owners unlimited access to one of our most strategic geographic Naval and Maritime asset. Although it is a commercial shipyard, nothing can prevent the owners from making it into a de-facto Naval base and a maritime facility for other security purposes!” Pama added.
A presidential spokesman said January 14th that such reports were still “speculations,” and that if a Chinese company the government has dealt with before assumes control “there’s no issue with it.” If it’s a different company, the spokesman added, “we have to vet.”
Reading through it, the last paragraph says it all, so basically this is a non-story.
When has that ever stopped politicians from hysterically blowing things up all out of proportions?
Not likely as all corrupt Filipino politicians and army officers are in US pocket and CIA payroll. Philippines is a historical whorehouse for Americunts.
When the Filipinos did rise up the Americuns slaughtered 1 million of them.
Indeed, there are over 3 million Filipino prostitutes around the world, perhaps more if you count the mail order “brides” walking along 80 year old western men, mostly dumb Americunts and Australians.
Obviously China dig deeper inside Philippine territory, if they will success, the next administration will face a huge problem .
The major west coast ports of the US are financially controlled by Chinese interest, as are many other commercial sea ports about the world. They are a silent element of the China One Belt One Road initiative …… trade, not war. Which would you prefer: An American war base like their other 800 around the world or a place to load and unload you trade goods?.
Both are good examples for why economic protectionism is a good thing.
China’s golden age is “over” terms of political freedoms, the heightened intensity of Communist propaganda, limiting of foreign TV shows, attitude towards foreigners and stuff like that. Several major cities are first world quality of life, while other cities and rural areas (depending on their remoteness) range between second and third world status in mainland China. There’s still a bit of an issue with there being public urination and defecation on the streets or inside public buildings, but certainly not as bad as it used to be and they’re certainly outclassed by India in that area.
https://youtu.be/9J35AxY1pLE?t=411
https://youtu.be/P32plIpuT5E
I cannot see the US allowing China to take a naval base in the Philippines! Wont happen!
Exactly, everybody knows the US is weak, and everybody is pushing Washington’s buttons. the US is fighting in Yemen Ukraine Syria Libya Nigeria Myanmar Venezuela the South China sea, the Baltic, and probably other places. Because America is ego driven they have to respond to every slight, it’s a trap and they are falling for it, and that’s excellent news.
“Exactly, everybody knows the US is weak” Really? So when they are weak, Noth Korea decides to stop doing nuclear testing? Start to dismantle rocket bases! Stop firing over Japan!
So they decide to do that when USA is weak?
Sinbad, i have said this before and i will say it again! u have no fucking idea what u are talking about! u are dreaming! China has lost 30% of its economy since Trump came in!
U are not a thinker are u Sinbad! BE HONEST! u are biased as fuck AND u barrack against the USA like u barrack against ur most hated football team!
U dont allow for FACTS! U base ur loyalties and ur hatred on feelings! Just like a women! We require more logic on this site!
Explain why NK would stop being so aggressive if the USA is weak! EXPLAIN!
Regards the last sentence “Explain why NK would stop being so aggressive if the USA is weak! EXPLAIN!”…… to remove the illegal sanctions to relieve the starving of millions.
Putin’s words “Sanctions dont work, they will eat grass”!
I know why NK stopped firing and it wasnt about starving of millions! Do u honestly believe what u just wrote? u wrote: “to relieve the starving of millions.”
do u regret writing that?
because u know damn well they dont give a fuck about the starving of millions in north korea! U need to think again and try again!
hold on a mo…….OK I didn’t write it….nope that wont work; what about the fact that their mountain nuclear research / testing site collapsed – true, so I’ll stick with that.
Yes it did collapse! And there is info as to why! Either they fucked up and blew themselves up OR US military!
Think about the Space X flight carrying top secret US airforce cargo a few months before! Think about the NK total blackout a few days before!
Plus NK still has nukes and still has rockets! Also, why wouldnt NK can shift under the protection of China? China is their closest ally!
Are u also saying that China is scared of the USA?
nothing u are saying makes sense!
Remember the tit for tat between Trump and Kim? “Rocket man” and “Dotard”?
Suddenly Trump says “there will be fire and fury”! Then magically out of nowhere, as if timed perfectly, north Korea’s nuke test lab blows up killing scientists and a few thousand soldiers!
After that, a meeting occurred for which the MSM was desperately trying to stop (just as they have done between trump and putin)!
THINK!!!
i have some news for u too as too! George Soros has now come out against China! 6 days a go he made a speech at Davos world economic forum declaring an attack on the Chinese economy as to the Chinese treatment of its own people!
So lets do the math! Since Trump came in, Saudi stopped funding isis! A new crown prince was announced! al aziz bin talal was captured with other princes and was interrogated for many weeks! north Korea has given up its nukes US economy has raised by 25% China has declines by over 30% George soros makes a declaration to attack theChinese economy!
USA is weak? ARE u SURE?
Who also attacked Soros besides Trump at the 2017 WEC?? Putin! So putin and trump BOTH attacked Soros in Helsinki meeting and at davos in 2017!
Now Soros is attacking China!
Do u actually read the news or do u make up ur own shit? SOROS said it in his speech!
Do you even know who Soros is ?. He is pure evil, banned in Russia and Hungary, hated in all nations including the US. He spends his money against governments and people globally. BLM, Antifa, all the feminist groups are all backed by him, so if your are defending and even promoting him, God help you.
i KNOW George Soros is the SCUM of the EARTH! But u misunderstood! It seems to me that u read my first paragraph, got angry and made your reply without reading the rest of my comment!
I am literally explaining what has occurred recently which illustrates the USA becoming Strong and Good again AND the cooperation Trump and Putin are making in order to defeat their enemies!
My point is: 1. Soros is the enemy of BOTH USA and Russia! 2. Soros is Globalist king pin number 1 3. North Korea stops nuclear testing 4. China’s economy draining 5. USA economy growing 6. Russia inheriting parts of the middle east with USA withdrawel 7. Ukraine war is not growing 8. SOROS ATTACKING CHINA! 9. Saudi’s pulled out of Isis war!
Do u see what is happening? Bad people and bad nations are switching sides! NK not a threat to the world Russia and USA (putin and Trump) working together even though certain globalists are still working against them and trying to keep Russia and the USA as enemies!
What i am really saying is this: WOW, Soros has been compromised! He is now going to attack China because he is scared! The deep state is almost gone in the USA and Soros knows he will be arrested or killed soon! So Soros is attacking China to desperately help save himself!
China becoming wealthy and the Globalist empire was Soros creation! And now he is planning to destroy it! WHY? He has been compromised!
understand???
That is exactly what happened. Apologies.
no worries!
Wait a second! George Soros actually says this at DAVOS Switzerland during the world economic forum 2019!
https://www.youtube.com/watch?v=PXGxShCv3nw Let me quote what else he says : “Social media giants like FaceBook need to be reigned in for the sake of democracy”!
https://www.youtube.com/watch?v=zIWYZnrdDkM
Do u understand what i am saying now??
Soros has been COMPROMISED!!!
u will understand what i mean soon!
Wait for big news coming out of the USA around Feb 15!
Remember this date!!!
Ask urself….. why did Soros say this? What made him do this? He was ALWAYS pro China!!
“Explain why NK would stop being so aggressive if the USA is weak! EXPLAIN!?”
NK has not been aggressive, the aggression has always come from the USA.
Calling Trump a “Dotard”! Firing over Japan! moving forces to the south firing every time a warning was made to them by Japan, SK and the USA!
It seems to me like u have a soft spot in ur heart for the Dictator family Sinbad!
Do u like people who declare themselves God’s? Do u like people not being fed but the Generals and elites are fat as fuck! Do u like people fake crying at a funeral so they are not killed? U seem too love dictatorships like China! “president for life”!
What the fuck has happened to u? are u going to say “i woke up”? is that ure excuse?
What if NK was a China proxy?? What if SK is a US proxy?
out of the 2 proxies which puppet master has been the better? I say the USA has treated Japan and South Korea pretty fucking good! Especially when they are the 3rd and 4th strongest economies!
But Sinbad prefers China and NK! hahaha
Sinbad….. on this subject right here u are SOOOO WRONG!!! U are soooo pissed at the USA that u cannot climb out of ur little biased box and give credit where credit is due!
This is why old cunts like u who BRAG about joining the ADF (even when there was a forced conscription back then) cant see their own dick over their stomach (a metaphor)!
.i have some news for u too as too! George Soros has now come out against China! 6 days a go he made a speech at Davos world economic forum declaring an attack on the Chinese economy as to the Chinese treatment of its own people!
So lets do the math! Since Trump came in, Saudi stopped funding isis! A new crown prince was announced! al aziz bin talal was captured with other princes and was interrogated for many weeks! north Korea has given up its nukes US economy has raised by 25% China has declines by over 30% George soros makes a declaration to attack theChinese economy!
USA is weak? ARE u SURE?
Who also attacked Soros besides Trump at the 2017 WEC?? Putin! So putin and trump BOTH attacked Soros in Helsinki meeting and at davos in 2017!
Now Soros is attacking China!
Do u actually read the news or do u make up ur own shit? SOROS said it in his speech!
The world is changing because of Trump and putin! Saudi’s are done! Soros is done! Rothschild remain! But u LOVE china! U love NK!
Ask SK what they think of USA! Ask Japan what they think of USA! Ask NK what they think of China!
Who is the better puppet master? And which puppet master does Sinbad support? LOL… CHINA!
u fucking traitor rat!!!
Over extension – that is how the British Empire fell (in my view, the last empire).
Exactly they all do it towards the end, to quote Sun Tzu,
“Appear weak when you are strong, and strong when you are weak. If your enemy is secure at all points, be prepared for him. If he is in superior strength, evade him. If your opponent is temperamental, seek to irritate him.”(Sun Tzu)
The US is weak, so they are more aggressive than normal. Meanwhile Russia and China are preparing, whilst evading the beast, and irritating him.
china take over port in israel , china take over port in philipphines…
meanwhile 1000+ US military base and intelligence post all around the world is not even mentioned..
Brings back memories of Olongapo, Creedence cover bands playing in every bar, short time 5 bucks, long time 10 bucks.
Only if they pay America big.