News Release

President Duterte woos Korean investors

President Rodrigo Roa Duterte, in his speech during the Philippines-Korea Business Forum and Luncheon at the Lotte Hotel in Seoul, Republic of Korea on June 5, 2018, assures Korean companies that their business ventures in the Philippines will be safe as he continues to strengthen law and order as well as eliminate corruption in government. Also in the photo is Trade and Industry Secretary Ramon Lopez. ACE MORANDANTE/PRESIDENTIAL PHOTO

SEOUL — President Rodrigo Roa Duterte on Tuesday, June 5, expressed confidence that investments and new businesses will flourish in the Philippines, citing the country’s sound macroeconomic fundamentals.

On the last day of his three-day Official Visit here, the President witnessed the ceremonial exchange of signed business agreements during the Philippines-Korea Business Forum and Luncheon at the Lotte Hotel attended by around 400 businessmen.

In his speech, Duterte said the agreements demonstrate the robust trade and investment partnership between the Philippines and South Korea.

The President expressed hopes that the business agreements will be realized as actual investments and maximized to their full extent.

He told the businessmen that they may consider greater investments in these sectors: shipbuilding; manufacturing; food production and food processing; agribusiness; energy, including renewable energy; finance and banking; infrastructure; tourism and real estate; and other labor-intensive Korean industries.

“With the Philippines’ sound macroeconomic fundamentals, we remain confident that investments and new businesses will thrive when they enter the market,” Duterte said.

At the same time, President Duterte assured protection and potential for profits for the investors, citing the sound policy and competitive business climate.

The President told the businessmen that in the years ahead, the government will ramp up infrastructure spending sustained by structural reforms.

He also stated that the Philippines will have a greater number of highly-skilled and fast-learning workforce.

President Duterte then assured the businessmen that the Philippine government will do its utmost to further strengthen domestic policies and regulations to promote ease of doing business and competitiveness of new businesses and industries.

He touted the Ease of Doing Business and Efficient Government Service Delivery Act, noting that the new law will help reduce the processing time for permits, transactions and other applications.

“This speaks of our commitment to foster a vibrant business climate to ensure that new businesses will thrive and prosper,” he said.

In addition, Duterte underscored that both the Department of Trade and Industry, through the Board of Investments, and the Philippine Trade and Investment Center in Seoul are ready to assist prospective and existing investors in their business undertakings in the Philippines.

During the ceremony, Trade Secretary Ramon Lopez said a total of 23 business agreements — one memorandum of agreement, six memorandum of understanding, and 16 letters of intent — were signed, generating an investment commitment of US$4.9 billion.

Lopez said the value does not include those that have not yet finalized their investment figures.

The Trade Secretary said the investments are expected to generate 50,000 new jobs in the sectors of automotive, public utility, modernization, power and engineering, construction, sea offshore services, food and aquaculture, among others.

President Duterte graces Emart Food Festival

The President capped his three-day Official Visit here with a visit to the Emart Food Festival.

He hit the gong at the Emart headquarters as a traditional symbol of unity and opening of the event.

Among the Filipino agri-food that were showcased are tuna, fruits such as pineapples, papayas, and bananas, and other coconut-based and fruit-based products.

Before leaving, the President greeted the Filipinos waiting for him outside of the hypermarket. PND

###