SEOUL, 25 June 2014 – Philippine Ambassador Raul S. Hernandez met executives of Hanjin Heavy Industries & Construction Co., Ltd. (HHIC) on Wednesday, 25 June 2014, at the Embassy Chancery.

HHIC executives led by Executive Vice President Shim Jeong-Sup underscored the company's continued confidence in the Philippine economy during the meeting, which was arranged by Special Trade Representative and Commercial Counselor Nic Bautista of the Philippine Trade and Investment Center (PTIC) in Seoul.

HHIC cited their collaboration with Korea Electric Power Company (KEPCO) in constructing a 300-MW coal power plant in Subic designed to underwrite the company's projected growth in the near-term.

The power plant project will break ground in October this year, and will be commissioned by 2017. HHIC forecasts a full recovery in the global demand for vessels starting this year.

Ambassador Hernandez welcomed HHIC's continued participation in a number of infrastructure development and rehabilitation projects, particularly in the areas hit by Typhoon Yolanda.

Reiterating the Philippine government's support for HHIC's investments in the country, Ambassador Hernandez thanked the company for its efforts in bringing down work-related injuries inside HHIC's Subic shipyard and for providing housing and other non-monetary benefits to its Filipino employees.

HHIC's involvement in the Philippines started as early as the late 1970's, beginning with the construction of the 120-km Iligan-Cagayan-Butuan highway, the first ever highway construction by any Korean group in the Philippines. HHIC's shipyard in Subic Freeport, which began operations in 2008, employs some 20,000 workers.

HHIC sees the figure to rise as it continues to diversify into the steel structure fabrication business (for the petrochemical and power industries) and the power sector.