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(File photo) MANILA - Department of National Defense (DND) Secretary Delfin Lorenzana said he sees no security implications with an American company now poised to acquire and operate the cash-strapped Hanjin Heavy Industries and Construction (HHIC-Phil) shipyard in Subic, Zambales. "I don't think there will be any implications on our national security. It will be the same as when Hanjin was operating it building commercial ships," he said in a message to reporters on Wednesday night, when sought for comment on the matter. Reports earlier said that US equity firm Cerberus will acquire the HHIC-Phil shipyard facility for USD300 million. "I don't know the financial transactions regarding the Hanjin shipyard. It is the Department of Finance who is working on it in coordination with the creditor banks. I recommended that the government take over or buy the shipyard if there (were) no buyers to save the shipyard from going into disrepair and generate jobs," the

Olongapo cityUnited statesGrande islandSubic bayCity of tarlacSouth koreaCh ungch ong namdoSouth koreanDelfin lorenzanaPhilippine navyOlongapo city regional trial courtHanjin heavy industriesDepartment of national defenseRehabilitation or liquidation of financially distressed enterprisesNational defenseSecretary delfin lorenzana