Financial Ports

Philippines slashes shipyard red tape by 22% in bid to revive industry

CLAVE 1 / 4The Philippines aims to cut shipyard approval times by 22%, reducing processing from 112.7 to 87.66 days.

CLAVE 2 / 4New reforms include a one-stop shop to streamline 134 administrative steps currently facing shipyards.

CLAVE 3 / 4HD Hyundai Heavy Industries Philippines launched the 115,000 dwt Orion Jade in July, marking the return of large-scale commercial shipbuilding.

CLAVE 4 / 4The overhaul maintains safety standards while targeting PHP 492.5 million in reduced compliance costs for businesses.

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