Philippines "port king" Enrique Razon is leading a group that aims to buy the bankrupt Hanjin Heavy Industries & Construction (HHIC-Phil) in Subic Bay.
The group has pitched a rescue plan to bank creditors, the Nikkei daily said.
HHIC-Phil filed for court rehabilitation in January. The parent Hanjin group in South Korea was later taken over by creditors.
"We're still making presentations to the banks [and] we're developing a master plan for Hanjin," Razon, president and chairman of ports group International Container Terminal Services, told reporters.
A Philippines-led bid is tipped to be viewed favourably as it will keep the yard out of the hands of potential Chinese investors, avoiding any security concerns from the defence establishment.
Razon is considering converting the site into a multipurpose industrial complex, which could include a port.
"It's a very large facility, so it will be several [operations]. We don't want anything to do with shipbuilding," Razon said.
He added that engaging a partner is "part of the discussions", but declined to elaborate further.
"The banks definitely want to get rid of it. The bank only cares to be paid back," Razon said.
Dutch shipbuilder Damen Group and a US shipbuilder are among those that have conducted due diligence, according to Rosario Bernaldo, Hanjin's receiver.
