The South East Asia Iron and Steel Institute (SEAISI) has stated that the shipbuilding industry in the Philippines ranks the fourth largest in the world and has good potential to grow significantly in the near future supported by the government’s policy to make the country a marine hub according to which the government welcomes investment by foreign companies in the country.
According to SEASI, shipyards established in the Philippines are now building more ships of larger tonnage capacities like bulk carriers, container ships and passenger ferries.
However, in terms of the gross deadweight ton ship completion, the Philippines’ market share in the world in 2014 was only 2.9 percent, while China, the largest country for gross deadweight ton ship completion in the world has a share 35.2 percent, followed by South Korea with 34.8 percent and Japan with 20.8 percent.