The government has set its sights on the long-term development of the maritime industry, considering that the industry is key to promoting growth and trade.

Under the updated Maritime Industry Development Plan 2028 framework, the government aims to:

•Increase access to a safe, reliable, efficient, affordable, sustainable and integrated sea transport system for passengers and shippers;

•Increase capacity and production of shipbuilding and ship repair industry; and

•Increase the employability of the maritime workforce and create new and quality jobs through reskilling and upskilling of the maritime workforce.

The original MIDP was set in 2019 and it was updated in 2024.

The government will increasingly be involved in partnering with the private sector to boost their development under the program.

A company expected to benefit from the renewed interest in ship manufacturing is Megaship Builders Inc., which is owned by businessman Francis Lloyd Chua.

Chua is also 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 currently has a shipbuilding capacity of 50,000 DWT and a ship repair capacity of 20,000 DWT. However, under its expansion plan, the shipbuilding and ship repair capacities will be increased up to 100,000 DWT.

Bataan shipyard opens soon

The company will 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, ship repair and ship conversion.

It also helps shipowners complete mechanical work and design new machinery. Overall, the combined value of the shipyards in Leyte and Bataan was projected at P9 billion.

Megaship Builders has publicly stated it would be taking advantage of the Shipyard Modernization Program — a core component of the MIDP.

As such, the company has sought financing from the Development Bank of the Philippines for its expansion plans.

The partnership has already yielded tangible results. With DBP’s support, Megaship Builders has increased its operational capacity in its Leyte shipyard from two ships per month to six to eight ships per month.

In addition, DBP’s backing has allowed the company to introduce slipways within its facilities. Slipways are ramps that allow ships to be moved from and into the water.

Megaship Builders said the introduction of slipways had a revolutionary impact on the maritime industry by boosting the transportation of goods by building large ships more efficiently.

This would have a ripple effect on overall trade volume, with the company stating trade revenues could grow by as much as 50 percent.