According to the Philippine Economic Zone Authority (PEZA), investment commitments for 2022 have returned to…
PBBM delighted with investment commitments from a US-based equity company
On Friday, President Ferdinand R. Marcos Jr. expressed delight at Cerberus Global Investment LLC, a private equity firm headquartered in the US, pledging to seek additional investments in the Philippines.
When Cerberus’ top executives, led by former US vice president and corporate chair James Danforth Quayle, paid Marcos a courtesy call at Malacaan Palace in Manila, they addressed their investment commitments, according to a statement from Presidential Communications Office (PCO) Secretary Cheloy Garafil.
Given Cerberus’s “aggressive” investment and expansion, a global alternative investment business with assets across credit, private equity, and real estate strategies, Garafil said Marcos is optimistic that the Philippines would reclaim its footing in the international shipbuilding industry.
“We have long looked for a method to recover our status in shipbuilding, and we are thrilled about this project. When Hanjin closed, we were already ranked number two according to Cerberus’ highest executives, according to Marcos, as cited by the PCO.
Cerberus purchased the indebted Hanjin shipyard at the Subic Bay Freeport in 2022.
Around 800 people are employed by the Philippine Navy at a naval operating base in Subic, Zambales.
Quayle informed Marcos that Cerberus is likewise “excited” to participate in the success of the Philippine economy and has been preparing to make “more and bigger” investments there.
One of the most prominent shipbuilding companies, Hyundai, indicated an interest in moving to the facility by year’s end and using two drydocks in Subic for shipbuilding.
According to estimates, Hyundai’s strategy will generate 5,000 and 15,000 new jobs nationwide.
According to Garafil, Cerberus intends to ensure various economic activities by using various investment strategies and having many companies operating in various industries.
Garafil pointed out that Cerberus subsidiary Subcomm, which specializes in installing and building submarine cables, will also relocate to the facility in August of this year, which could result in more jobs nearby.
According to her, the arrival of Hyundai and Subcomm in Subic will help the city’s downstream industries by generating much-needed economic activity.
According to Garafil, Cerberus also sees value and potential in enhancing the Subic airport for logistics or cargo and wants to submit a proposal to the Subic Bay Metropolitan Authority (SBMA).
According to Garafil, Cerberus is also interested in investing in the nation’s semiconductor and energy industries.
Along with Quayle, other firm representatives who met Marcos at Malacaan were Frank Bruno and Alexander Benard from Cerberus.
The 1992-founded Cerberus manages up to $60 billion in assets worldwide.
The organization operates 27 locations worldwide and has experience in direct investments, private equity, growth, and venture deals in diverse regions.
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