Announcement of Cerberus and HD Hyundai Partnership in Subic 05/14/2024

Kalayaan Hall, Malacañan Palace
May 14, 2024
As the Administration fulfills its economic and development goals, particularly in advancing the country’s standing in the global shipping industry, President Ferdinand R. Marcos Jr. receives Mr. Alexander Bernard (Senior Managing Director and Co-Head, Cerberus Capital Management) and Dr. Sungjoon Kim (Chief Executive Officer [CEO], HD Hyundai Shipbuilding and Offshore Engineering) as they announce their partnership and undertaking in Subic during a program at the Kalayaan Hall in Malacañan Palace on May 14, 2024.
It was in May 2023 when the President received the United States (U.S.)-based Cerberus in a courtesy call at the Palace wherein the firm expressed commitment to pursue more investments in the country. The said meeting followed its acquisition of a shipyard in Subic in April 2022 and rebranded it as Agila Subic.
Throughout the years, Cerberus embarked on a mission to revitalize the shipyard, putting in place new information technology (IT) systems and other facilities. It also partnered with the Philippine Navy (PN) to set up its world-class facility, as well as brought in SubCom, a leading subsea fiber optic cable company, which will utilize Agila Subic as its hub serving the Asia-Pacific region.
For its part, HD Hyundai reaffirms its steadfast commitment as a strong partner of the Philippines, particularly with its active participation in the modernization of the PN since 2016. As it envisions to expand cooperation with the country on the maritime construction sector, HD Hyundai marches onward to transforming Subic’s facilities into a state-of-the-art maritime complex that is set to handle offshore wind structure projects and ship repairs, among many others.
HD Hyundai signed an agreement with Cerberus where it is set to move into a large section of the Agila Subic’s shipyard and commence operations focusing on offshore wind platforms.
During the event, President Marcos Jr. notes that the investments which will be created in this undertaking are especially beneficial to Subic, as these will strengthen the freeport area’s vital role as a hotspot for industrial, commercial and other economic activities.
He adds that the partnership between Cerberus and HD Hyundai opens an opportunity for the country to have a fresh start and strong foundation in realizing its vision to be among the largest and most consequential shipbuilders in the world.
Connect with RTVM
Website: rtvm.gov.ph
Facebook: presidentialcom and rtvmalacanang
UA-cam: @RTVMalacanang
Tiktok: @RTVMalacanang