[1][2] It was formerly owned and operated by shipbuilding firm Hanjin Heavy Industries and Construction Philippines.

[3] At one point, the Philippines is the fifth largest shipbuilding nation in the world, largely owing to the output of the Subic shipyard.

[8] Riddled with debt, HHIC–Phil filed for voluntary rehabilitation under Republic Act 10142, otherwise known as "An Act Providing for the Rehabilitation or Liquidation of Financially Distressed Enterprises and Individuals" on January 8, 2019 and laid off 10,000 of its employees retaining only 300 employees in the shipyard by January 2020.

[7][8] Australian shipbuilder Austal and US-based private equity firm Cerberus Capital Management considered launching a joint bid to takeover the Subic shipyard.

[16] In November 2022, Subic Bay Metropolitan Authority officials welcomed United States Ambassador to the Philippines MaryKay Carlson and indicated they wanted to see American military forces return to the Philippine naval base.