PHILIPPINE SHIPBUILDERS NEED FOREIGN INVESTORS: AUTHORITY.

CEBU CITY, June 2 Asia Pulse - The Maritime Industry Authority (Marina) is trying to attract foreign investors who would collaborate with Filipino shipyard owners in building new ships to address the lack of vessels in the country.

Marina Administrator Vicente Suazo Jr. said one shipyard in Cebu and three others in Luzon are determined to enter into shipbuilding arrangements.

"We are trying to contact foreign investors who are also in shipbuilding or in shipping who would want to invest," Suazo said.

He said one of the biggest businesses in the world at present is the maintenance of vessels because almost all shipyards in all countries are fully-booked as they focus on shipbuilding with delivery dates in the years 2010, 2012 and 2013.

Suazo said shipyards in Cebu and other parts of the country may take this big opportunity by expanding so they can offer to repair ocean-faring vessels.

Suazo said if local shipyards or shipping firms have limited capital for this big business, there must be infusion of foreign and local capitals for them to be able to expand.

To help them, Suazo said Marina is also trying to work out a loan facility that could help local shipyards and ship owners who want to build-ships or expand their repair operation.