Maritime development gains stakeholder support

THE Philippine government's announcement of its commitment to long-term maritime industry development, recognizing the sector's critical role in economic growth and trade, has been met with positive reactions from key stakeholders.

Under the updated Maritime Industry Development Plan (MIDP) 2028 Framework, the government aims to increase access to a safe, reliable, efficient, affordable, sustainable and integrated sea transport system for passengers and shippers.

It plans to increase the capacity and production of the shipbuilding and ship repair industry, increase the employability of the maritime workforce, and create new and quality jobs by reskilling and upskilling the maritime workforce.

An aerial view of Megaship Builder’s shipyard in Leyte. The shipyard has a shipbuilding capacity of 50,000 DWT and a ship repair capacity of 20,000 DWT. CONTRIBUTED PHOTO

The original MIDP set in 2019 was updated in 2024. With this plan, the government will increasingly be involved in partnering with the private sector to boost their development.

Companies like Megaship Builders Inc., owned by Francis Lloyd Chua, could definitely benefit from such development. Chua is the new owner of Asiabest Group International, one of the Philippines' best-performing stocks.

Megaship Builders, established in 2012, operates a shipyard in Leyte. It has a shipbuilding capacity of 50,000 DWT and a ship repair capacity of 20,000 DWT. Under its expansion plan, the shipbuilding and ship repair capacities will be increased up to 100,000 DWT.

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The company will also open a shipyard in Bataan soon, which will have a shipbuilding capacity of 200,000 DWT and a ship repair capacity of 100,000 DWT.

The shipyards provide services such as shipbuilding, repair and conversion. They also help shipowners complete their mechanical work and design their new machinery.

The combined value of the shipyards in Leyte and Bataan is projected to be P9 billion.

Megaship Builders has publicly stated it would be taking advantage of the Shipyard Modernization Program — a core component of the MIDP. The company has sought financing from the Development Bank of the Philippines for its expansion plans.

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