Philippines celebrates conclusion of Subic Bay shipyard agreements with Cerberus
WASHINGTON, DC – Philippine Ambassador to the United States Jose Manuel Romualdez hosted a diplomatic reception on April 19 at the Philippine Embassy in Washington, D.C. to celebrate the robust relations between the Philippines and the United States and the conclusion of the agreements on the Subic Bay shipyard, as well as welcome the Philippine delegation to the 2022 World Bank and IMF Spring Meetings.
In his welcome remarks, Romualdez underscored the importance of the completion of the agreements on the Subic Bay shipyard for the Philippine economy and the deepening of ties between the Philippines and the United States.
“The completion of the Subic Bay shipyard will redound to benefits for the country, bring jobs to the local communities, increase economic activity, and at the same fortify our strategic security measures. Working with the United States on this project will help ensure that we are able to protect our interests not only for our country but the whole region,” Romualdez said.
He also expressed his appreciation to Philippine and U.S. government officials, as well as to officials of Cerberus Capital Management, for their support and efforts that led to the conclusion of the agreements.
Foreign Affairs Secretary Teodoro Locsin Jr. said “with less than two months left to the Duterte administration, there is no better finale to all the work done to strengthen our ties with the United States than to see the ink on the paper of the biggest public-private partnership in the 75-year history of Philippine-US relations.” He also underscored the role played by Romualdez to finalize the project from start to finish.
Finance Secretary Carlos Dominguez III also expressed his appreciation to Philippine and US government officials and Cerberus in initiating and completing the deal. He said that while the project was met with challenges in the early stages, these were overcome through the support of all sides.
US Secretary of the Navy Carlos Del Toro underscored the robust security and military cooperation between the Philippines and the United States as long-time treaty allies. He also highlighted the people-to-people ties between the two countries which have kept the relations rich and strong over the years.
Steve Feinberg, co-founder and co-chief executive officer of Cerberus Capital Management, expressed his appreciation to the Philippine and US governments for their invaluable support in ensuring the conclusion of the agreements. OPCD-Media and Public Affairs Division
