Subic: An official of Agila Subic Compass expressed optimism about the growth of the business three years after it commenced operations, saying they have reached full capacity. To date, the 310-hectare shipyard has four lessors, including world-leading shipbuilder HD Hyundai Heavy Industries Philippines, Subcom, a manufacturer and installer of subsea fiber optic cables, V2X, a logistics firm listed on the New York Stock Exchange, and the Philippine Navy.

According to Philippines News Agency, Agila Subic general manager Mark Millan declined to give any figures on their revenues but stated, “It’s growing.” He mentioned, “We cannot provide a general figure as of now, but it’s something that will be supportive to the conditions that we have with SBMA (Subic Bay Metropolitan Authority) as far as our lease agreement with them is concerned, and as far as our commitment to the taxes we need to pay to the government.”

The leasing firm, a subsidiary of the New York-based alternative investment firm Cerberus Capital Management, is set to receive an additional PHP15 billion for domestic operations. This was announced by the government following the official visit of President Ferdinand R. Marcos Jr. to the US last month. Milan, however, declined to discuss this additional investment, as it was not Agila Subic Compass that made the announcement.

Milan noted that “Agila Subic per se, on its own, will have expansion opportunities that people would like to look into, but it’s only within the vicinity of our facility.” He further stated that they expect investments in the ongoing upgrades in the facility to reach USD1 billion (around PHP57.12 billion).

The multi-use facility lessor aims to generate around 10,000 jobs through its locators by 2027, and Milan confirmed they already have approximately 3,000 jobs to date. “We are pleased to see that we are on track in achieving that vision after only three years of operations through partnerships with our locators and with support from the Philippine government,” he added.