News Release

Guaranteeing his protection, President Duterte encourages South Korean companies to invest in the Philippines

President Rodrigo Roa Duterte discusses matters with the officials from various South Korean companies who paid a courtesy call on the President at the Paradise Hotel in Busan, Republic of Korea on November 25, 2019. KARL NORMAN ALONZO/PRESIDENTIAL PHOTO

BUSAN, South Korea—President Rodrigo Roa Duterte assured top companies in South Korea of his protection if they expand or invest in the Philippines.

During a courtesy call of South Korea’s major companies on President Duterte Monday at the Paradise Hotel here, the Chief Executive vowed to shield them from corruption and abuse particularly on ease of doing business, quick issuance of permits, and full guarantee on the return of their investments and remittances.

The Korean companies, in return, made commitments to invest in the Philippines, with some already operating in the country and some are expanding. They promised to participate in different infrastructure projects especially the administration’s Build, Build, Build program.

The President said the Philippines wants continued growth but does not have funds to sustain it, noting foreign investors could play an important role. He welcomed South Korean companies to do business in almost all of the country’s industries, from infrastructure to food manufacturing and others.

The Department of Trade and Industry (DTI) organized Monday’s event.

President Duterte is in South Korea for the 2019 Association of Southeast Asian Nations-Republic of Korea (ASEAN-ROK) Commemorative Summit. PND