Philippines MIDP Support Grows with Stakeholder Participation

The Philippine government’s commitment to long-term maritime industry development has been well-received by key stakeholders. The updated Maritime Industry Development Plan (MIDP) 2028 Framework aims to enhance the sea transport system’s safety, reliability, efficiency, affordability, sustainability, and integration for passengers and shippers. It also focuses on increasing the capacity and production of the shipbuilding and ship repair industry, improving the maritime workforce’s employability, and creating new quality jobs through reskilling and upskilling initiatives.

One company that stands to benefit from these developments is Megaship Builders Inc., owned by Francis Lloyd Chua, who recently acquired Asiabest Group International. Megaship Builders, operating a shipyard in Leyte with capacities of 50,000 DWT for shipbuilding and 20,000 DWT for ship repair, is set to expand its operations. The company plans to increase its shipbuilding and ship repair capacities to 100,000 DWT and establish a new shipyard in Bataan with capacities of 200,000 DWT and 100,000 DWT, respectively.

Megaship Builders has expressed its intention to leverage the Shipyard Modernization Program, a key component of the MIDP, and has sought financing from the Development Bank of the Philippines (DBP) for its expansion plans. With DBP’s support, the company has already increased its operational capacity in Leyte, moving from two ships per month to six to eight ships per month. The introduction of slipways within its facilities, facilitated by DBP’s backing, is expected to revolutionize the maritime industry by improving the efficiency of building large ships and potentially increasing trade revenue by up to 50 percent.

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