16 October 2014 – The Philippine Embassy in Seoul reported to the Department of Foreign Affairs that it has partnered with one of Korea’s biggest banks in organizing a one-day investment seminar recently in Seoul to invite the top Korean companies to open or expand production bases in the fastest-growing Southeast Asian country.
Philippine Economic Zone Authority (PEZA) Director General Lilia de Lima gave the keynote presentation to 120 representatives of 100 Korean firms participating at the Philippine Investment Opportunities Seminar held at the Korea Chamber of Commerce and Industry (KCCI) HQ Building on September 25.
“For the last three years, there have been virtually no strikes over the 300 economic zones under PEZA’s jurisdiction, the lowest in the whole of ASEAN region,” Director General de Lima said.
“PEZA also accounts for at least 90 percent of the Philippines’ whole exports to the whole world. Of these, over 80 percent of Korea’s investments to the Philippines are manufacturing concerns, 90 percent of which are located in PEZA zones,” she continued.
In a speech, Philippine Ambassador to South Korea Raul S. Hernandez underscored the two countries’ “strong, steadfast and faithful relationship as neighbors, brothers-in-arms, trading partners and likely strategic allies in the future”.
All the real and potential advantages in “(our) dynamic, evolving and multi-dimensional” ties make sense because the Philippines has made forward strides in improving national governance, Ambassador Hernandez said.
“Since 2010, the administration of President Benigno S. Aquino III has put in place measures to address and eliminate corruption in government,” he said. “The bottom line is good governance has significantly made doing business in the Philippines better, faster, more profitable, and more sustainable.”
Global Business Group of Shinhan Bank Executive Vice President and head Jae-Youl Choi delivered the welcome speech.
The seminar was the second organized this year by the Embassy’s Philippine Trade and Investment Center (PTIC) in Seoul, together with Shinhan Bank, Korea’s first ever bank, KCCI –a leading economic organization representing the nation's 62 chambers– and the Small and Medium Business Corporation (SBC), a Korean government agency supporting SMEs.
PTIC head and Commercial Counsellor Nicanor Bautista described the investment seminar as a collaboration between PEZA and Shinhan Bank targeting the latter’s manufacturing clients as a precursor to Shinhan Bank’s decision to invest in the Philippines worth at least US$200 million.
Director General de Lima met with Korean companies after the seminar. On September 26 she visited the Gyeonggi Pyeongtaek Port (GPP) and witnessed the signing of a Memorandum of Agreement between the GPP and Batangas International Port.
Shinhan, which was named Korea’s second biggest bank by the Banker magazine in July 2014, invited its clients while SBC publicized the event to its members. The firms that joined the seminar were Samsung Electro-Mechanics Co. Ltd., Daehan Steel Corp., Optis Co, Ltd., Kyungdong Co. Ltd., Hanjin Heavy Industries and Hyundai E&C Engineering and Construction Group.
In April 2014, the Embassy partnered with the ASEAN-Korea Centre to hold an investment seminar with Trade Secretary Gregory L. Domingo and Undersecretary Ponciano C. Manalo, Jr.
Last year, there were 243 cases of Korean companies investing in the Philippines for a total of US$456.6 million. END