Claims against Hanjin Heavy Industries and Construction Philippines (HHIC-Phil) stand at $1.71bn.

This is according to the restructuring shipbuilder's receiver, Rosario Bernaldo.

She said she had yet to receive a firm business proposal for the site in Subic Bay, Business World reported.

Validated claims and those without documents total $975m, while contingent claims amount to $735m.

Domestic banks are owed $450m of the total.

Contingent claims are covered by contracts that entitle a pay-off under certain conditions.

Ports giant ICTSI has expressed interest in taking over the company to establish a multi-purpose terminal.

HHIC-Phil sought court rehabilitation earlier this year after defaulting on loans.

Its parent Korean company was later taken over by creditors.