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Subject Korean firms urged to invest in Philippines
Posted By YIHO (ip:)
  • Date 2016-11-28 08:33:44
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Korean firms urged to invest in Philippines



MANILA, Philippines - Korean firms are urged by the government to explore business opportunities in the Philippines on the back of the country’s improving investment landscape.

The Board of Investments (BOI) said it recently welcomed a 25-man delegation from the business and diplomatic community of Korea, assuring them of the government’s commitment to provide assistance to investors who would want to set up or expand their operations in the country.

The delegation was composed of members of the Corps of Honorary Consuls in Korea as well as representatives from companies like Yu Yu Pharma Inc., MES Corp., CNS International, InWoo Ecotech, Achim Co.Ltd., Seoul City Gas Co. Ltd., and Industrial Bank of Korea.

The BOI said the country’s resilience to external shocks is evident in the growth of its economy, which continues to be one the fastest growing in Asia.

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The agency also said NICE Information Service, a credit rating agency in Korea, upgraded the country’s standing to BBB with Stable Outlook during the first quarter of the year.

“This boosted anew the confidence of the Korean business community to view the Philippines as an investment destination,” the BOI said.

The BOI has identified shipbuilding, automotive manufacturing, food production, food processing, agribusiness, electronics, energy, finance and banking, infrastructure, and tourism as among the primary sectors where there are investment opportunities for Korean companies.

“South Korea is a vital business partner for the country as it has significant contributions to the Philippines’ economic growth and holds a strong position in terms of investment relations with Philippines,” the BOI said.

The Philippines was the first country in the ASEAN region to establish official ties with South Korea.

For 2015, Korea ranked third in the list of top foreign investing countries in the Philippines with P23.2 billion or 9.4 percent of the total foreign investments.

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