The Philippine Economic Zone Authority (PEZA) expects to attract new investments from South Korean manufacturing and technology companies that have expressed interest in establishing operations within the country’s extensive network of ecozones.

The PEZA, together with the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA), recently convened a total of 16 firms in a high-level business forum in Busan, South Korea.

The majority of the companies participating in the roundtable are tier-one and tier-two suppliers of Samsung Electro-Mechanics (SEMCO), the technology manufacturing unit of the South Korean conglomerate Samsung Group.

According to PEZA, these firms expressed strong interest in expanding within the ecozone system.

Through ecozones, registered projects can enjoy fiscal and non-fiscal incentives, a free flow of raw materials, and open trade with companies within and outside the ecozone, among other benefits.

During the forum, PEZA Director General Tereso Panga noted that the country’s strong fundamentals as an investment destination make it a “natural partner” for Korean companies looking to bolster their regional presence.

Panga said the country’s young tech-savvy workforce, growing domestic market, and competitive incentive regime are just among the many advantages awaiting investors.

OSAPIEA Secretary Frederick Go, meanwhile, said recent legislative reforms have improved the country’s investment environment, particularly the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy, otherwise known as the CREATE MORE Act.

“The Philippines welcomes our Korean partners in building an ecosystem of advanced manufacturing alongside industry leaders like Samsung—fostering greater operational efficiency, reducing costs, and strengthening regional competitiveness,” said Go.

“Like Samsung, you too can benefit from CREATE MORE’s enhanced incentives that will empower your businesses to expand, innovate, and achieve sustained growth in the Philippines,” he added.

Over the weekend, CREATE MORE secured its first big-ticket investment following President Marcos’ approval of presidential incentives for the ₱50.7-billion expansion project by SEMCO subsidiary Samsung Electro-Mechanics Philippines Corp. (SEMPHIL).

Under the law, the president may grant tax incentives in the interest of national economic development, or upon the recommendation of the Fiscal Incentives Review Board (FIRB).

This is under the condition that the project has a comprehensive sustainable development plan with clear inclusive business approaches and high level of sophistication and innovation, or if the project has a minimum investment capital of ₱50 billion or a minimum direct local employment generation of at least 10,000 within three years from the issuance of the certificate of entitlement.

Qualified projects are eligible for a range of incentives, including income tax holiday (ITH), special corporate income tax (SCIT), and enhanced tax deductions.

These incentives also include value-added tax (VAT) zero-rating on local purchases, as well as VAT and duty exemptions on importation.

Panga said these incentives, alongside the free trade agreement between the Philippines and South Korea, will bring fresh momentum for deeper trade and investment ties.

He added that it may further encourage more Korean industries to “follow the lead of SEMPHIL and its supply-chain partners.”

From January to October, investment approvals by PEZA grew by 42 percent to ₱175.37 billion compared to ₱123.76 billion during the same period last year.

The investments cover the planned development of 243 new and expansion projects in ecozones across the country, which are expected to generate $6.08 billion in export sales and create nearly 60,000 jobs.