The Philippine Economic Zone Authority urged more South Korean companies to invest in the Philippines as the country gradually eases restrictions to revive the economy.
“We are not letting this crisis hinder us; rather, we continue our relentless efforts to attract and invite investors. We establish new partnerships as well with various government agencies so that we may be able to urge more local and foreign investors to do business in the Philippines by improving the efficiency factors for investments,” said PEZA director-general Charito Plaza.
South Korean Ambassador to the Philippines Kim In-Chul and the Philippine Ambassador to South Korea Maria Theresa Dizon-De Vega, who joined the 11th Global Biz with PEZA forum, called for stronger ties between PEZA and South Korean investors through ecozone development.
“The Philippines continues to invite the business engagement of our friends in South Korea in our growth story –a story now informed and shaped by the realities of the new normal and the need to build back better and to recover in a forward-looking, innovative, green, and resilient manner,” said De Vega.
Data showed that there were 320 South Korean locators in the country’s economic zones contributing P53.982 billion in investments, $1.095 billion in exports and employing 42,675 workers as of September 2021.
PEZA said it sustains various “balancing acts and business assistance” to registered enterprises and ensure unhampered services as they contribute to the global supply and demand.
Data confirmed the valuable contributions of South Korean investors to the Philippine economy even during the pandemic.
De Vega said the pandemic did not hamper the Philippines’ economic relation with South Korea. “In 2020, the Republic of Korea was the 5th major trading partner of the Philippines, 7th biggest export market and 4th largest import supplier. Total bilateral trade with South Korea was valued at $13.92 billion,” she said.