This strategic alliance is seen to make use of HHIC
's special intellectual property in underground infrastructure, railway and airport construction projects.
Meanwhile, Deveras said HHIC
's Korean creditors, including Korea Development Bank, have taken over a 63-percent stake in the company.
Paphos proposes that the HHIC
be housed in a building that will be erected on land owned by the municipality and had been destined for the new town hall.
The country's largest banks BDO Unibank, Metropolitan Bank and Trust Co., Land Bank of the Philippines, Bank of the Philippine Islands, and RCBC have a combined exposure of more than P21 billion in HHIC
, the biggest foreign investor and top employer at the Subic Bay Freeport, recently filed a petition for rehabilitation at the Olongapo City Regional Trial Court after defaulting on over $400 million loans owed from local banks, on top of another $900 million in debt with lenders in South Korea.
"The BBB Jobs Caravan is the government's immediate response for the would-be affected workers of Hanjin Heavy Industries and Construction Philippines, known as HHIC
Philippines," she added.
MANILA, Philippines The Bangko Sentral ng Pilipinas (BSP) has allayed fears of a possible banking crisis spawned by the debt default of Hanjin Heavy Industries and Construction Philippines (HHIC
), the biggest foreign investor and top employer at the Subic Bay Freeport.
Progressive lawmakers from the House of Representative's Makabayan bloc filed on Wednesday resolutions seeking to investigate the alleged violation of workers' rights at NutriAsia and Hanjin Heavy Industries and Construction (HHIC