THE GOVERNMENT announced that it will welcome South Korean firms involved in electronic manufacturing services and semiconductor production services, electric vehicles (EV), advanced agriculture, and renewable energy sectors aiming to invest in the Philippines.
In a post on social media, the Philippine Economic Zone Authority (PEZA) stated that it participated in the Philippine delegation for the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) roadshow in South Korea from April 6-8.
“The focal point of the mission was the Philippine Business Forum, co-organized by the Philippine Embassy in Korea and The Korea Times, which took place on April 7,” PEZA remarked.
“The forum was designed to position the Philippines as a premier destination for investment among potential Korean investors, highlighting the newly introduced incentives under the CREATE More Act,” it continued.
Throughout the mission, the delegation, led by Secretary Frederick D. Go of the Office of the Special Assistant to the President for Investment and Economic Affairs, engaged with around 80 Korean companies in business-to-business discussions held alongside the forum.
CREATE MORE “improves the simplicity of conducting business, lowers expenses, and fosters predictability — aspects that enhance confidence among you, our collaborators,” Mr. Go was quoted as stating.
“This is the moment to create more — more investments, stronger collaborations, and greater prospects for mutual success,” he added.
During the engagements, PEZA interacted with current locators such as KC & A Corp. and HiTec RCD Philippines, to resolve operational issues and investigate how the enhanced incentives under the CREATE More Act could aid their current operations and potentially support future growth.
“We also had the opportunity to meet with Nechon Co…. as well as the Gyeonggi Pyeongtaek Port Corp., which is primarily tasked with the development, operation, and promotion of Pyeongtaek Port in South Korea,” PEZA mentioned.
PEZA Director General Tereso O. Panga remarked that South Korea plays a significant role in Philippine economic zones.
“Presently, South Korea ranks as the fifth-largest foreign investor in PEZA, with an investment portfolio exceeding P100 billion, approximately $1.6 billion in exports, and has generated over 39,000 direct employment opportunities, making it one of our esteemed prospective growth centers,” Mr. Panga stated.
“I am optimistic that the mission will unveil more investment prospects from South Korea and allow us to reap the benefits of CREATE MORE and the business-friendly atmosphere that PEZA provides,” he added. — Justine Irish D. Tabile
