Manila, Sept. 2 -- President Ferdinand R. Marcos Jr. on Tuesday pledged to restore the Philippines' status as a global shipbuilding hub, marking the revival of Subic's shipyard through HD Hyundai Heavy Industries Philippines, Inc., as the first step in reclaiming its position among the world's top shipbuilding nations.

"For decades, even centuries, the Philippines has given the world our finest seafarers. It is only fitting that we also supply the world with excellent vessels to sail on," Marcos said during the ceremony that also marked the steel-cutting of the shipyard's first vessel under Hyundai.

"Today, we will begin reclaiming our rightful place among the world's great shipbuilding nations."

The President noted that from 2014 to 2...