South Korea's Hanjin to invest $684 million in the Philippines

[pioneer]

<a href="http://www.abs-cbnnews.com">ABS-CBN News</a>

South Korea's Hanjin Heavy Industries will invest $684 million in its shipbuilding facility in the Philippines, on top of the $1 billion it initially earmarked for the yard, a newspaper reported.

Manila Standard Today, quoting Hanjin director and general manager Shim Jeong Sup, reported on Friday that the company was investing the additional money due to an increasing number of vessel orders.

In May, the group won shipbuilding orders worth a total of $2.2 billion from companies in Germany, France, Turkey and India.