THE GOVERNMENT said it will welcome South Korean companies engaged in electronics manufacturing services and semiconductor manufacturing services, electric vehicles (EV), high-tech agriculture, and clean energy industries seeking to invest in the Philippines.
In a social media post, the Philippine Economic Zone Authority (PEZA) said that it joined the Philippine delegation in the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) roadshow in South Korea on April 6-8.
“The highlight of the mission was the Philippine Business Forum, co-hosted by the Philippine Embassy in Korea and The Korea Times, held on April 7,” PEZA said.
“The forum aimed at positioning the Philippines as a leading hub for investment among prospective Korean investors, showcasing the new incentives introduced under the CREATE More Act,” it added.
During the mission, the delegation, led by Secretary Frederick D. Go, who heads the Office of the Special Assistant to the President for Investment and Economic Affairs, met with about 80 Korean firms in business-to-business meetings conducted on the sidelines of the forum.
CREATE MORE “enhances the ease of doing business, reduces costs, and creates predictability — factors that boost confidence among you, our partners,” Mr. Go was quoted as saying.
“Now is the time to create more — more investments, stronger partnerships, and greater opportunities for shared success,” he added.
During the meetings, PEZA met with current locators like KC & A Corp. and HiTec RCD Philippines, to address operational concerns and explore how the enhanced incentives under the CREATE More Act could support their current activities and potentially facilitate future expansion.
“We were (also) able to meet with Nechon Co…. as well as the Gyeonggi Pyeongtaek Port Corp., which is primarily responsible for the development, operation, and promotion of Pyeongtaek Port in South Korea,” PEZA said.
PEZA Director General Tereso O. Panga said South Korea plays an important role in Philippine economic zones.
“Currently, South Korea is the fifth-largest foreign investor in PEZA, with a country investment portfolio of over P100 billion, around $1.6 billion in exports, and has created over 39,000 direct jobs, making it one of our valued prospective growth centers,” Mr. Panga said.
“I am confident that the mission will open up more investment opportunities from South Korea and reap the benefits of CREATE MORE and the business-friendly environment that PEZA offers,” he added. — Justine Irish D. Tabile