DOF says Cerberus deal on former Hanjin shipyard positive for Ph banks

The acquisition by United States private equity firm Cerberus Frontier of the former Hanjin shipyard at the Subic Bay Freeport allow five of the Philippines’ largest banks to book a profit from their written-off loans with Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), according to Finance Secretary Carlos Dominguez.