The Philippines stands ready to embrace South Korea's investments, President Marcos told foreign investors as he stressed that investing in the country is a "fine strategic move."
Speaking at the Philippines-Republic of Korea business forum at the Manila Hotel on Monday, Oct. 7, Marcos assured South Korean investors that the country continues to improve its business environment.
"To our esteemed Korean partners, I want to assure you: The Philippine government stands ready to embrace your investments with open arms and with a continuing and unwavering support," Marcos said.
"We are continuously finding ways to make the Philippines a more conducive place to do business. We are accelerating policy reforms designed to improve the business environment here," he added.
Twelve Philippine and 12 Korean companies and organizations were in attendance during the business forum which was also graced by visiting South Korean President Yoon Suk Yeol who is in Manila for a two-day visit.
The President said the companies from both sides bring "a wealth of experience and expertise," adding that their presence symbolizes the cooperation that propels both countries toward shared success.
He cited the business-to-business agreements he and Yoon signed on Monday morning, covering infrastructure, public-private partnerships, energy, and affordable housing as "clear indication of the enthusiasm and commitment of our private sectors."
"To our partners from Korea, you have shown that business is in your blood. Investing in the Philippines at this opportune time is a fine strategic move," he told the South Korean businesses.
In assuring them that the Philippines will continue to improve its business environment, Marcos cited the several initiatives the government has been undertaking in order to achieve the goal.
"We are dismantling bureaucratic barriers, lowering the cost of doing business, and enhancing our global competitiveness," he said.
He highlighted the enactment of the Public-Private Partnership (PPP) Code of the Philippines which paves the way for collaborations between the government and the private sector that drive infrastructure development across the country.
He also mentioned the enactment of the Internet Transactions Act that provides a robust framework for a vibrant digital economy of the 21st century.
He further highlighted the Tatak Pinoy Act, which aims to bolster industry development and enhance the Philippines’ integration into global value chains, allowing local industries to flourish on the international stage.
The Chief Executive also cited that the Congress is at the last stages of the legislative process to enact the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy or the CREATE MORE Act.
He mentioned the recently ratified Philippines-Korea Free Trade Agreement, which, he said, elevates both countries' relations by eliminating tariffs on key products, such as agricultural goods, electronics, and automotive components.
For his part, the South Korean president also assured Marcos that "Korea and the Philippines will continue to join forces to uphold the values of democracy and market economy.”
“My fellow business leaders, this gathering is of great significance. I hope that we can build a deeper friendship and wider cooperation by taking this opportunity,” he said in his speech.
Organized by the Philippine Chamber of Commerce and Industry (PCCI) and the Federation of Korean Industries (FKI), together with the Department of Trade and Industry (DTI), the Forum aims to provide an opportunity for the Philippines to inform the South Korean business sector on the administration’s economic development plans and programs, investment opportunities, and other policy reforms accelerated to improve the country’s business environment.