MANILA, Philippines — The Philippine Navy has signed a term sheet for its use of Hanjin Heavy Industries and Construction’s (HHIC-PH) facility in Subic Bay, Zambales.
Vice Adm. Giovanni Carlo Bacordo, chief of the Navy, said on Monday that negotiations were ongoing for the Navy’s use of HHIC-PH’s northern yard.
“Just last week, I signed a term sheet for the [HHIC-PH’s] northern yard,” Bacordo said. “The term sheet means negotiation will continue, that [we] have accepted the terms there [for use],” he added,
The Navy plans to use 100 hectares of the northern yard to house the Philippine fleet, the naval sea systems command, the naval installation command and amphibious assault battalion.