The Board of Investment recently awarded tax grants and other perks to a ship repair company that will invest P259 million pesos in construction at the Navotas Fish Port and Complex.
Nautilus Shipyard and Repair Inc. targets to begin operation in June 2013 and will have a capacity of 96 vessels a year. Its minimum berthing capacity will be 7,500 deadweight tons.
This development is in line with the government’s goal to be the shipbuilding and repair hub of Asia. Currently, the Philippines is the fourth largest shipbuilder, housing shipyards of some of the major shipping firms from Japan, Singapore and South Korea.
Based on data from the Maritime Industry Authority, the shipbuilding industry in the Philippines currently employs 39,000 workers, about 70 percent of whom are skilled and semi-skilled workers, Interaksyon.com reported.
