The Collapse Of The Philippines Largest Foreign Company
ฝัง
- เผยแพร่เมื่อ 2 ส.ค. 2024
- Hanjin Philippines was once renowned as one of the largest corporations in the Philippines.
Narrated by Tom McKay
Video Edited by iyanbriandi
Timestamp(s):
0:00 The Hanjin Group
1:36 The Bankruptcy
3:14 The Hanjin Shipyard History
5:41 The Slowdown
7:44 The Future
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Brought to you by the Behind Asian Team.
I live in Subic and it was truly a big blow to our economy when Hanjin left, before when it was still fully operational, you cannot drop a dime come payday because of the sheer number of employees and their families going to the groceries and fast food chains, its even harder to ride a jeepney because there were too many people moving around, but after it seems like everything opened up, clear spaces and not much to do, luckily theres a new company that will handle the operations and hopefully more jobs and opportunities will rush in. Thanks for posting this video
Yup, American Corporations bought it instead of Chinese. Chinese will turn that place into their own Chinese Military Installation then Philippines will really be screwed. Chinese has 110 police stations in different countries now. People should start opening their eyes. Their agenda is to divide and conquer the world. First, they lend the country money then if they can’t pay they take over their own countries. They took over an island somewhere around Madagascar. It’s an African Island now the Chinese has military installation there.
Ohh taga subic din
Blame GORDON!. For that!.. Philippines would never been bullied by CHINA if there's U.S base.
How did Gordon got to be blamed for the USA based? He is pro American
@@budzlight6888 You like blaming people.
The American Investors are lucky because they just used the readily available and those who were very familiar with that job, and the skillful Filipinos also lucky to get back their jobs. There are about five American Super markets inside the Port and the Americans also must have felt homely as soon as they started the job. I have some good memories of that port as a Sri Lankan Seafarer.
I was working long in a private customs broker when hanjin shipping closed in Manila. Hanjin was probably one of the cheapest line to use for import/export as our clients become regular to them.
Customs korap
@@azamooh9344 kurap din ung naglalagay sa bawst department eh
Great info here -- and thanks! I had often wondered WHY Hanjin FAILED in the Philippines. Now I know -- it was initiated by the bankruptcy of a sister company in Korea. And followed by a slowdown of orders -- due to loss of trust in Hanjin's ability to deliver. I'm glad Cerberus replaced Hanjin -- let us wish them GOOD LUCK in the future!
My Theory on this: I think there is something more sinister than this rather than a simple loss in competition or and inability to deliver. Companies as big as Hanjin dont go bankrupt overnight especially a conglomorate. I believe this is more of a political pressure coming from a global geopolitics from chaebol and the whitehouse. From 2016 onwards was the start of the heat on territorial dispute in the soutXXXsea., and one of the US policy is to have a strategic relocation of military assets containing the aggressor using its military bases within close proximity. But current Phil laws does not allow this , so they circumnavigate the law by having a private hedge fund buy this shipyard, with the option of having that property easily convertable for other military purpose in an event of military conflict. my 50cents
bata pa ako rinig ko na yung hanjin pero legit yung road project nila ang kapal kahit 50 years pa ata tatagal ang kapal
I'm proud to be a part of hanjin work force as a crane operator but the sad part is low salary for those skilled workers.
Low salary compared to other countries' workers? I'm thinking they had jobs and probably better paying than your typical trades worker in the Philippines.
Maybe that is why Hanjin Heavy Industries went bankrupt because of your low salaries.
Nevertheless this company help me where I am now. I quit my job there 2011. Because of my experience as a welder learned from HHIC-Phils, I now have a stable job in foreign country. Thanks Hanjin..
that's is skill drain from the Philippines.
Job is everywhere..when they say stable job probably it will exist.when your health is not stable eventually the job will perished.
@@jagtteodoro9226 Thanks for the concern mate. Welding was the stepping stone I used. I’m living in a first world country now as a crane operator with a stable job and with my family for 11 years already. God bless you.
It’s good to be grateful. 😊
@@leoayaladezobeltansy8708 im guessing australia?
I worked at hanjin shipyard 2014-2017 . Maintaining cargo hold and passageway fans. We had plenty of dirty jobs done under the radar to avoid hassle on warranty on each motor due to water damage and, poor fitting, and negligence of other workers throwing metal pieces inside vent. I say it is still a good time to work there even with low pay and less overtime, i get to experience sea trials on 4 ships we were working on that time.
The real issue!
I've been there. This is really a massive site. You have to ride a bus in order to go to the site, it is so chaotic tho during 4am onwards due to the massive number of employees coming in. I didn't continue my application due to better opportunity from other company, but 2 years after i saw this company, i learned their bankruptcy. It is just sad coz i have several colleagues on the engineering side but sadly, they have to be removed from those jobs. I hope this company will prosper again, i know that they are helping the economy of PH. 🙃
The Hanjin Group's investment in the Philippines was massive. Do you think anything can rival its investments ever again? Let us know down below!
Correction(s):
5:50 The employment was cut to 20,000 not 2,000.
I think the pogos from China would rival Hanjin in its huge investments in the Philippines!😂
@@napoleonbonaparte4410 POGO is profiting by welcoming investors to engage in an activity which is illegal in their own country, in Philippines.
I don't think China is going to thank the Philippines for that.
@@Nat_Ryder The current admin is pushing for the eradication of the pogos in our country to attract more foreign investors.
Shabu
at the year 2016, 2017 many chinees, are working there and ive seen ther worked hard like we do..
I was a plumber at Hanjin.....still a plumber now but a great one!!! Thank you Hanjin!!!
Subic Bay was built by the US government,but was practically kicked out by corrupted,greedy politicians and individuals.They wanted to increase the lease to fill up their pockets more.Now it’s only fitting that a US company is getting involved again.I wish them luck and hope the leeches stay out of the company’s business.
Francisco Balajadia…Subic Bay was not built by US Govt. The Spaniards discovered and developed it. The Americans claimed it after the US-Spanish War!
This was a dream company way back then. So sad that they close now.
If the collapse happened in the US, the US Congress could have enacted laws that would protect the assets that have military and civilian use.
It's very risky to start a large company in Philippines as it will have 50/50 chsnce to grow or fail as corruption here is on different level
This is such an eyeopener, as a kid who lived in the area and learning that all of the sudden, Hanjin was going to leave and the businesses that used to be there just pulled out. It was also remiscient with Fedex, who did transfer their operations in Hongkong instead in the Philippines. I am glad to know the real reason too, as rumors did circle around that it was from workplace safetiness. Thanks!
Pls make content for other SEA countries too
Once again great video. It is a bit strange that I conglomerate like Hanjin filed for bankruptcy so fast, but you explained it well 👏
The drop in demand for Hanjin can be attributed to the International Maritime Organisation's (IMO) vote to postpone the entry into force of the MARPOL Annex VI Tier III NOx emissions limits for ship engines from 2016 to 2021
My brother and couple of friends worked here for a year. They always talk about their fun experience working there when we are drinking.
I’m glad that American Corporations own it not Chinese.
Hanjin, as an engineer myself, I would never work there due to multiple safety working hazards that were mishandled terribly. There was a time even their service bus fell off a cliff with a couple of engineers getting their legs amputated.
I miss hanjin. I hope it will open again
Hanjin was about to build a large steel company in Mindanao. We lived right beside the supposed area. My mom worked at the company where Hanjin bought the land from. Their office was right behind our home. They cleared whole communities just to prep the land for the company. Workers were already lined up to work there...then nothing. People who used to live there who didn't know or understand what had happened kept making comments about what a waste it was to be relocated (but they can't do anything about it cuz they were generously compensated). Ma said it was a shame, but it does happen all the time.
Becasue of poor NEDA/ Phil Govt not working to takeover the business because it takes long time of the return of investments which the current crocodiles are not happy to collect immediately while they are in power.
Poor long term actions are what plagues the Philippine economy.
Wonderful story of "immediate" recovery. It's a miracle of sort.
its because of some political are corrupt and also inside the company, especially to HR department,are very corrupt,,i work as a welder in 5yrs to that company and i found that is the situation to admin,,thats why the company is lost
I worked in HHIC-PHIL 2008 to 2011. Eventually this company gives me experience in working into a ship building. With that experience, it gives me opportunity to find a stable job overseas. Thanks Hanjin.
Philippines was also home to one of the largest steel foundries in Asia, the National Steel Corporation, which went bankrupt in 1999... the reason? Philippines does not subsidize heavy industries. China, South Korea, and Japan pour tens of billions in subsidies and government assistance to shipbuilding and heavy industries, while the Philippines does not. So it was doomed to fail from the start
Paano isubsidize ng govt yng NSC ibinenta na ni cory noong 1986 sa private khit di naman nalulugi.. pati PLDT,PAL,generating plants of NAPOCOR,Meralco atbp GOCC na malaki pakinabang sa ekonomiya. Kaya nagkaletse letse ang kabuhayan at tuluyang lumubog tayo sa kahirapan. Sana magresearch din para malaman ang real facts at di nagmmarunong na marites lng na mangmang forever.
It failed because of Fidel Ramos.
@@averykleon i hate him for that pero na buhay nya ang ekonimiya natin magaling sya mag attract ng investors bumaba ang poverty rate sa panahon nya dahil iniwan ni marcos at cory bagsak ang ekonimiya natin
@@stigmist binenta ni ramos ang national steel. katulad ni cory binenta ang government properties. binenta din pati buildings na pag-aari ng mga marcos sa ibang bansa. pero silang dalawang liberal ang nagpahirap sa bansa dahil mahilig magbenta para ibili kuno ng ganito ng ganyan like sa militar pero walang nakitang bago. at mahina ang investments dahil sa 1987 constitution restrictions. si marcos ang may pinakamaraming projects na napapakinabangan ng taong bayan hanggang ngayon sa kabila ng panggigipit ng kalaban nya sa kapangyarihan at sa pulitika, gaya ng economic sabotage/ communists / and sanctions ng america.
@@stigmist Ano? OK ka lang? Because of him the Pholippine economy eventually collapsed!
People of our town, Subic, Zambales, is praying and hoping that the new Company which acquired and bought Hanjin can start operating soon. Because people in our town and neighboring areas really needs jobs and new business opportunities (for our market vendors, jeepney and tricycle drivers, restaurant owners, and other small business establishments, etc.). We hope too the new investors will strictly observe our labor laws and maintain safe working conditions for their workers. Maraming salamat po. 🇵🇭😍🤩
When salary day you can go to Calapandayan if you know what i mean lol
@@jerwelbonilla4774 Calapandayan so many shabu addikt there
Korean owned, managed, had some labor dispute, world had excess cargo tonnage capacity then, no ship orders, unfavorable foreign business conditions after the GMA administration, company was already slipping when covid conditions made it all the more hard to recover, was not only in Ph, but also the Hanjin in So. Koreaa folded up operations
All these happened before COVID
The recovery is exaggerated. Notice the peak value of investment was shown in USD ($2.3 billion?), but the recovery value of investment was shown in Philippine pesos (₽~33 billion)… since ₽55 = about $1, that’s only about $600 million… or about $1.7 billion less than its peak. Also Cerberus Capital is known as a vulture investment company which rarely creates long term value.
Among most expensive power rates in asia, telco rates in asia, corp tax in asia
I remember i applied for an autocad draftsman support team wayback 2011..Hanjin tech which is located at subic bay area..i am surprised because it was a panel interview..just like a beaty pagent 🤣🤣 i didnt pass the interview because of my background experience which is okay but hanjin is really a five star company..its so sad that theyre not operating anymore..
Bisitahin mo ang Tsuneishi Heavy Industries sa cebu mas nauna pa kay sa Hanjin at malaking company din
10years experience.
In HHIC-phil
2008 to 2019
I lived near hanjin at Subic, Zambales I think I am 5-6km away so yeah pretty close.
Nakakamiss lugar na Yan..halos d na kmi natutulog
Continue pag trabaho Namin..😁
Hard G on Agila - AH-gee-luh
It's basically Eagle Subic Shipyard
Investing is difficult, because if investor make a slight mistake in making a decision, they are always faced with the risk of massive losses. Therefore, investors count money, cent by cent in great detail... Therefore, don't ever think that a country will become an investment haven if the bureaucracy is still complicated, or even made difficult, the rule of law is unclear, corruption, bribery and extortion are still rampant. ...
That happens even in developed countries. Countless western companies have been fined for bribery in their own countries
@@miaya3898 You are absolutely right, the key word in your comment to me is "western" ; the philosophy of these western investments is quick profits, maximum leverage and acceptable risks, in other words a game of poker.
@@Nat_Ryder poker depends mostly on chance.
But it's not the country's policy that causes it's demise.
If you really really watched this video intelligently, it's is very clear that it's tarnished reputation internationally causes it's downfall! No orders coming in from its traditional buyers, why? Because of mismanagement on the Korean side. Probably, its about "Greed" which is a very natural Korean character. Koreans are not like their Japanese counter part, no they are a far cry.
I work there before in hanjin shipyard in subic zambales as admin
the mind, the soul, idea, intentional, reason, fear, ignorance, health, pride, dream, inattentive, patience
No.1 problem in Hanjin is Corruption inside the company.. Very low salary to workers while the Labor cost is international standard (dollar rate) during contract signing with the customers/client..
God speed to help one another to restore it.
That’s the law of nature. What goes up must come down! Life is like a wheel , it keeps turning.
Better have solution or back.up plan before it happen
I am one of the workers of hanjin i work their for 5 yrs
kaya pang makasurvive sana ng hanjin kaso tinaasan yung tax ng foreign investors kaya sila mismo nag decide na wag na ituloy ang branch ng hanjin sa pinas, hindi bale sana kung kaya nating magpayaman ng walang investors eh, kaso hinde gahid sa pera mga pulitiko eh, walanang foreign investors ang maiikayat magiinvest ng malaki sa pinas dahil narin sa corporate tax nila 30% (pinakamataas sa asia) aside pa dun yung nagagastos nilang taxes ng mga empleyado nila. kayang kaya nilang mag reestablished sa ibang country at babawi nalang sila sa mga nawala nila, ganyan mga mindset ng malalaking investors, mga maliliit na foreign investors nalang ang magiinvest sa ph.
Cerberus is a financial company.
Hanjin was the blood life of people in Cawag, Subic near the Hanjin when Hanjin left a lot of people lost their job and the source of income.
Once then an employee to this company,
Because of truckban in metro manila . #1 problem in trading industry and logistic
Just because of a corrupt management the entire company collapsed. Hope the new owner will bring back its glory.
i had to take a look at my resumé...i was there 2008
I like the new name Agila subic shipyard...very Filipino.
what does it mean?
@@annoyedcat9291 eagle
*A gee la
Yeah, I thought I was the only one who noticed that.
Agila is for flying. Why not butanding, sounds even better.
It's now owned by US and Australia and half of the place is being used by the philippine navy. As far as I know...
I smell something fishy inside bailout but external buyover sure did n can recover in a decade under foreign management.
It has always been under foreign mgmt.
I am an auditor working in Tambunting Pawnshop afiliated with Palawan (remittance) base in Subic, Hanjin wokers was goes on it, sending thier salaries with thier loveones...and truely i've seen on thier face (puyat, pagod, gutom)...real talk... they were forcing them to take an overtime, with no rest... that's why?........
Now US Company take Over
Maybe it will fall again soon because the shipping business is going down rapidly and in the coming 3 years a record high number of new ships will be put in use which will kill many shipping companies. Therefore in the 4 years Sunil bay will have close to zero new orders. How can it survive under a financial institution owner?
The future is fully automated cargo ships
Cerberus is not a financial institution owner it is a predatory investor just like the many who invested in Argentina and other South American countries.
Gold mining also of Yamashita treasure..
Interesting
Behind Asia subscription why so low?
Ph govt should prohibited this kind of company hanjin to make a loan money from the bank of philippine people. They should do loan in other countries private bank.
Ang ganda naman pla jan pero sana pinoy ung nag invest at namumuno jan..
When they weren't able to deliver the banca I ordered I said they are done!
If only there is one company that will build aircraft carriers, destroyers and submarines. Or making affordable fishing boats for Filipino people. 😞
Hopefully soon in the Philippines.
Brilliant mind. 😂
I have a question out of topic, why filipino workers are now banned going to India? Effect December 2, 2022
Its good thing that US based Cerberus have acquired Hanjin shipyard. Cerberus is the mother company of Dyna Corporation, a large private contractor of the US Navy doing repairs and services on US warships and naval bases.
I don’t think you will hear good news of every economy nowadays. Big four accounting is falling and big tech companies are falling.
yeah meta and amazon are doing mass lay off of employees
@@markpaulpangan7618 false service economy
The money goes to ukraine.
LOL, bad news means there’s money to be made somewhere, rookie. Just means you weren’t prepared to make any.
Philippines is used to this 😂
Mga panahon pa mura pa bilihin
Some say it was cursed from the beginning.
9:17 what "ah-gee-la"???!!! It's "ah-gi-la" (Eagle) ( like 'gi' in Korean actor name Lee Seung-Gi !, not "dzjhi" sounding)
also with Maersk even laying off staff up to 10,000 , looks like this is leading to nowhere at least any time soon
Walang tigil kasi ang corruption dto...kahit saan sanghay ng gobyerno..
God is good all the time.........
Hanjin, Hanil, Green Trans-Asia are just cover for Korean WW2 treasure hunters in PH with Korean veterans as advisors.
Lol
My brother said when he worked on hanjin at 2008 they occasionally hear a dynamite explosion at the mountains nearby and after that they will ask to go home early even in middle of the day and that day is fully paid.
The company did not collapse, they pulled out because their primary objective- WW2 treasure hunting - is done.
By your logic who knows there will be a WW3 treasure hunters in the future. hahahaha
What about FedEx?
strangely enough it had to be a US company that took over the Subic Bay area for it's stagetic military location to the South China Sea where US military War ships are targeting China and using The Philippines as US military base like in 2nd.world War
Better than Chinese owning Hanjin. Then, Philippines will really be screwed.
im the one hanjin employee 12 yrs service..
Due to government officials politicians.
How about the company being a pawn for the U.S. and everything went to plAn so it will have a control or observation deck over the Philippines. Port of entry where they can do whatever. The news atm said about human trafficking, really is it just now or way way back and just now under the lens.
No Hanjin Cagayan de Oro halted there operation due to LGU order to them to comply the environmental certificate which Hanjin was lacking ...
I thought Soonyang owned it
Why it seems most of the videos posted it seems showing declined companies who invested in the Philippines..
The PH Govt could have taken over the company and run it as a receivership over tax dues.
Then hire the same Korean Experts and Marketing people to run the company.
Negotiate with the korean Govt and banks to extend the credit due.
The Phil govt is really lame on their own turf. Lead agencies such as DOLE and DOF can sequester the assests and run the company itseld using the same name HAJIN Phils.
All industries in Korea are funded by govt through banks, and are alive politically by not demading payment of its loans. The issue is just who remains allied to the current or new leader, Hanjin may have supported a lost candidate thats why it was pressured to pay, however it be cured by renegotiations and sweep the corruption charges under the rug.
no country shlould rely too much on foreign companies..
Manufacturing industry in the PH is not feasible. That industry hires more people in any other industries. Sad to say our engineers talent are being exported to other rich country.
kasi dapat pinapalayas ang mga dayuhang capitalista na nagpapahirap sa maralitang pilipino
@@gamingcentral2295 dapat pinapalayas ang dayuhang capitalista? kitid at ampaw din utak mo ano? alam mo cno yang mga dayuhang capitalista na cnasabi mo? mga businessman, investor, mayayaman.. hindi cla ang nagpapahirap sa maralitang pilipino! ang nagpapahirap sa pilipino ay ang 1. katamarang mag aral upang madagdagan ang kaalaman at pag tanda hindi lng nagiging general worker kundi skilled worker sana. 2. malibog! elementary high school plang my anak na.. kunti na nga lng ang pera andami pa mga anak na pakainin! 3. korap na gobyerno.. sa laki ng tax na pera nakukuha ng gobyerno sa mga dayuhang investor, yang mga dayuhang cnasabi mo, kunti lng binabalik ng gobyerno sa tao.. kulang ang infrastrakturang ginagawa, mga daan, paaralan, ospital, etc..
@@ipswitch82 walang makukuha tayo sa gobyernong korap. buti pa sa NPA merong macbook air dahil yan sa tyaga at sipag ng mga leader neto. saan ka ba nakakita sa gobyerno na namimigay ng apple products?
Hanjin philippines ts only the name of the campany or new name the country in philippines country????
Semi conductor companies were another
That is business. To much gloat will sink even a big company.
Workers are lack of trade expertition
Totoo ba na dami daw gold jan sa hanjin
Just thankful it's bankruptcy wasn't due to our political systems corruption and is now able to recover with a fresh start.
Actually part of it is due to Philippines corruption. If you don't know, Hanjin invested in infrastructure in Northern Mindanao, but particular LGU wanted the company to borrow their troubled machineries instead of using their own from Korea which was the basis of corruption that distrupts Hanjin from pushing forward the projects.
@@harveyscottz if a company went under due to a failed project then it's flawed to begin with. Money for corrupt politicians were accounted for during the project planning.
@@wynnhaze26 you're right but the machineries were an unaccounted plan since they have their own
way to go putting down your own country...so typically filipino...🙄 but you needed to be witty tho...🤦♀️
Lol corrupt man coming back
Where did ALL the MONEY WENT?
9:11 It's NOT AJILA. It's AAA-GI-LA. 'G' as in "Guild", "Great", "God".. Agila means Eagle.
Not Lemon brothers either…Lehman is pronounced Leeman 😂
@@joaquinmisajr.1215 Hahaha he pronounced many of pinoy words wrong. 😅
Dapat Sana Sinaloa nlang ng gobyerno ng pilipinas Ang hanjin shipping para tyo nlang Ang pilipinas nlang Ang mgpproduce ng sariling barko pandigma at sea lift ng hukbong dagat ng pilipinas..mas mura at gawang Pinoy pa..
naku mas lalong paktay ang pnas nyan.. ang utang ng hanjin sa mga philippine banks pa lng e 412 million dollars na! mga 23,360,400,000 pesos! paano pa ung gastos sa pagpapatakbo? cno magpapatakbo? cnong tao o sangay ng gobyerno ang my karanasan sa ship building ng ganitong magnitude o kalaki? sa engineering, design at teknolohiya e zero na tayo pano pa mga parts? mga software na mg papatakbo sa barko meron ba tau.. d lng pera kailangan sa pagpapatakbo sa ganyang kalaki na shipyard.. cnong bansa o kompanya ang magpapagawa ng barko sa atin e ni cellphone o sasakyan na philippine brand na eni export wla tau..
Hehehe hndi nman lahat NG nasa hanji eh koreano most of them is pilipino engineering Kya Kaya ng pilipino gumawa ng sariling mga barko na de kalidad kso mas nauuna KC Ang kurapsyon sa bansa natin eh..bumibili nga ng almost $800 na gamit pandigma nga Ang pilipinas eh Anu pa Kaya Yan 400 million lng
This company was very problematic and they're also a low-paying company. Not to mention those workers who died while working.
You forgot to mention the tragic accident that happened in the Hanjin company. This was highlighted a lot in the local news here more than this massive collapse that you talk about here...
What accident? The collapse is really due to low demand ng vessels. Hindi na masustain ung mga pending projects. May crisis sa shipping industry that time. Even my dad working as a seaman na layoff that time.
Tignan hanjin philippines...??????
Cerberus is the investor due to Philippine law AGILA investment a Cerberus subsidiary the who managed the business since foreigner cant own legally the business unless make a Philippine company as a partner ..Cerberus is also a known USN private contractor for US ships owning the Former HHIC Ship yard is also a start of bringing the former USN base back to its glory due to law forbidding any foreigner to make a bases in the Philippine ..Cerberus/AGILA ask the Philippine navy to take over the northern portion of the yard as Base creating full pledge navy base under VFA and EDCA .US Can only lease a land or portion of a already created host base as their Joint bases with US and host country forces ..The Ph Navy's takeover of the Hanjin shipyard was one of the conditions for the entry of the American investment firm Cerberus Capital creating a easy access under EDCA and VFA to put US personnel in the area
Thanks BBM
Well we heard you say what is behind Asia.Now have you anything to say what there ahead of Asia? If you don't know let me know and I will whisper that !
Then watch Sen. Richard Gordon try to wring as much money as possible from the new shipyard owners
LoL you're living in the past. Gordon's done in olongapo and sbma.
Nice shipyard name A.S.S. 😅😅