Hanjin shipyard operator, HHIC-Phil, filed for bankruptcy after failing to pay $412 million in debts to five local banks and $900 million more to South Korean creditors. With state-backed Chinese companies offering to acquire the shipyard, Philippine's president Rodrigo Duterte faces a strategic dilemma regarding whether or not to accept this offer and grant the Chinese unlimited access to a vital naval and maritime asset, reports the Nikkei Asian Review.

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