THE PHILIPPINE Economic Zone Authority (PEZA) said it is pinning its hopes on expanding the pool of South Korean investors to add momentum to the reopening of the economy.
PEZA Director General Charito B. Plaza said at a recent virtual forum that the agency is continuing its efforts to attract investors throughout the coronavirus disease 2019 (COVID-19) pandemic.
“We continue our 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,” Ms. Plaza said.
According to PEZA, there were 320 registered South Korean locators in the Philippines as of September, representing P53.98 billion worth of investment and generating $1.095 billion in exports. It added that South Korean locators employ 42,675 workers.
Maria Theresa B. Dizon-De Vega, Philippine ambassador to South Korea, urged South Korean companies to take advantage of investment opportunities in advanced industries that may emerge with the finalization of the Philippine-Korea Free Trade Agreement (FTA).
Ms. De Vega said that in 2020, South Korea was the fifth-largest trading partner of the Philippines, seventh-largest export market, and fourth-largest source of imports, with bilateral trade valued at $13.92 billion.
“Korea’s status as a high-technology, innovation-focused economy makes it an attractive development partner for the Philippines in various sectors… the Philippines’ development in these sectors is critical in helping the country fulfill its stated long-term commitments towards inclusive green growth and sustainable development,” Ms. De Vega said.
“We hope that businesses will take advantage of the FTA once it becomes effective by next year so we can increase trade between our two countries. With an FTA in place, the Philippines remains as an ideal investment destination and partner for companies in Korea,” she added. — Revin Mikhael D. Ochave