President Ferdinand R. Marcos Jr. assured South Korean investors on Monday that the Philippine government is fully prepared to welcome their investments, offering continued and unwavering support to foster business growth.
“To our esteemed Korean partners, I want to assure you the Philippine government stands ready to embrace your investments with open arms and with a continuing and unwavering support,” President Marcos said during the Philippines-Korea Business Forum at the Manila Hotel which was also attended by South Korean President Yoon Suk Yeol.
President Marcos and Yoon earlier had a meeting at the Malacañang for official engagement as the SoKor leader embarks on a two-day state visit to the Philippines.
“We are continuously finding ways to make the Philippines a more conducive place to do business. We are accelerating policy reforms designed to improve the business environment here,” President Marcos said.
Among these efforts are significant legislative initiatives, such as the Public-Private Partnership (PPP) Code of the Philippines, the Internet Transactions Act, and the Tatak Pinoy Act, all aimed at driving infrastructure development, fostering a dynamic digital economy, and bolstering industrial growth.
President Marcos said Congress is nearing the final stages of passing the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, which will further strengthen both fiscal and non-fiscal incentives in strategic industries.
The Philippines is also actively pursuing its regional economic integration agenda by leveraging its strategic location and participating in international agreements like the ASEAN-Korea Free Trade Agreement and the Regional Comprehensive Economic Partnership Agreement (RCEP), the President said.
“The recently ratified Philippines-Korea Free Trade Agreement elevates our relations by reducing or eliminating tariffs on key products, such as agricultural goods, electronics, and automotive components,” he said.
President Marcos also told SoKor businessmen that investing in the Philippines at this opportune time is a fine strategic move, underscoring that in the first half of 2024, the country experienced a remarkable six percent growth.
For his part, Yoon said the upgrade of the Philippines-SoKor relation to Strategic Partnership gives the two nations a chance to build a stronger strategic economic cooperation.
Yoon particularly mentioned the newly-signed agreements covering energy, infrastructure development, as well as minerals supply chain cooperation.
Last year, SoKor was the Philippines’ fifth top trading partner, fifth export destination (out of 205), and fourth largest import source (out of 220).
Total trade between the Philippines and South Korea reached US$12.01 billion, with exports valued at US$3.53 billion and imports at US$8.48 billion.
In 2021, the East Asian country was the Philippines’ fifth largest source of Foreign Direct Investments (FDI). The FDI from South Korea amounted to US$20.82 million from January to November 2023, up from US$20.51 million in 2022. | PND
