Sailors from amphibious dock landing ship USS Germantown conduct landing craft utility operations in the ship's well deck at Subic Bay, October 5, 2016. US Navy/Petty Officer 2nd Class Raymond D. Diaz III
Business Insider: Chinese companies have their eyes on what used to be the US Navy's biggest base in the Pacific
* A struggling shipyard firm in the Philippines is looking for a new investor, and Chinese companies are interested.
* "This is a VERY SIGNIFICANT NATIONAL SECURITY ISSUE!" Alexander Pama, a retired Philippine admiral warned.
* But their potential presence there is renewing concerns about Beijing's ambitions in East Asia.
Two Chinese firms are interested in the Philippines' largest shipyard, once the US's largest naval base in the Pacific, raising new alarm about Chinese expansion.
The firm that runs the shipyard, Hanjin Philippines, a local unit of a South Korean firm, has declared bankruptcy, defaulting on $412 million in loans. It also owes $900 million to South Korean creditors.
The firm asked the Philippine government for help to find someone to take over the business, and Manila wants a new investor to safeguard thousands of jobs.
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WNU Editor: Money talks, and these Philippine shipyards need it.The question that needs to be answered is .... will the U.S. Navy use this base if it is operated/owned by China?
