Ceferino Rodolfo, undersecretary of the Philippines' Department of Trade and Industry and managing head of the Philippine Board of Investments, gives a presentation during the Philippines Business Forum at the Korea Chamber of Commerce and Industry in Seoul, Monday. (Korea Times photo by Choi Won-suk)
The head of the Philippines’ top investment agency on Monday emphasized the potential for stronger economic ties with Korea and highlighted new government policies aimed at encouraging Korean investment in the Southeast Asian nation of over 115 million people.
The Korean industry minister, the Filipino ambassador to Seoul and the president of The Korea Times also echoed the message at the Philippine Business Forum at the Korea Chamber of Commerce and Industry in Seoul, expressing optimism that the bilateral economic partnership — strengthened by a free trade agreement (FTA) that took effect in December — will continue to grow. Representatives from Philippine investment and energy agencies, as well as industry associations, also participated in the event.
Ceferino Rodolfo, undersecretary of the Philippines Department of Trade and Industry and managing head of the Philippine Board of Investments (BOI), said the bilateral partnership is anchored by the FTA and the joint declaration on a strategic partnership signed last October, calling them the “two pillars” of the relationship.
Rodolfo said the Philippines' gross domestic product maintained a steady growth last year at 5.6 percent, the second-fastest in the Southeast Asian region, and saw the country’s all-time high pipeline of investments, representing IPA-approved investments, which exceeded $34 billion.
He also said Korea's approved investments to the Philippines in 2024 reached $1.75 billion, making it the second-largest source in the world following Switzerland.
“Our goal is to transform the Philippines to be Southeast Asia’s hub for smart and sustainable manufacturing and services by empowering the private sector through market-based tools,” Rodolfo said during his presentation.
Minister of Trade, Industry and Energy Ahn Duk-geun delivers a congratulatory speech for the Philippine Business Forum at the Korea Chamber of Commerce and Industry in Seoul, Monday. (Korea Times photo by Choi Won-suk)
Technological industries such as electric vehicles (EVs), smart manufacturing, semiconductors and electronics — along with renewable energy, food, agriculture and tourism — are priority sectors for the Philippines, according to Rodolfo. He also noted that the country holds the world’s largest nickel ore reserves, which support global supply chains, primarily serving China, Canada and Korea.
Rodolfo said the Philippines is currently developing Luzon, the country’s largest island-district, to further advance local industries. While major Korean shipbuilder Hyundai Heavy Industries now runs a manufacturing plant in Zambales Province, the country is now developing battery, EV and tourism bases in regions of Clark-Pampanga-Tarlac, Bulacan and Bataan.
Rodolfo mentioned the Philippines’ Green Lanes policy, introduced by President Ferdinand “Bongbong” Marcos in 2023, which is in place for improved ease of doing business by foreign investors. Streamlined procedures, faster processing of applications and a one-stop service center facilitate strategic investments into the country, he added.
“As of last December, 176 Green Lane projects have been approved across the sectors of renewable energy, digital infrastructure, manufacturing and food security, mounting to a total trade volume of over 4.54 trillion pesos ($79 billion),” Rodolfo said.
Minister of Trade, Industry and Energy Ahn Duk-geun said in a congratulatory remark that Korean companies have been investing in the Philippines in the electronic, shipbuilding and semiconductor sectors, contributing to the country's economy and job creation. He highlighted that Korea last year logged the world’s fourth-largest trade volume with the Philippines with over $13 billion, following China, Japan and the United States.
“Korea and the Philippines, through the FTA and their regional comprehensive economic partnership, have consistently been seeing over $10 billion of trades annually,” Ahn said. “There are now over 300 Korean companies contributing to the Filipino economy. But considering the two countries’ industrial strengths, there is room for much more cooperation. We can extend our economic trades from manufacturing-based industries to retail products, service, culture and contents.”
The minister highlighted the two countries should cooperate to build a stronger supply chain for crucial raw materials for semiconductor and battery industries including nickel ore. He also encouraged further bilateral efforts for trade in energy sectors particularly carbon-free technologies.
Philippine Ambassador to Korea Theresa Dizon-De Vega delivers welcoming remarks for the Philippine Business Forum at the Korea Chamber of Commerce and Industry in Seoul, Monday. (Korea Times photo by Choi Won-suk)
“The two countries last month signed a memorandum of understanding for a supply chain for key raw materials. More previously in last October, the two countries agreed to jointly start a feasibility test on a nuclear power station construction project in Bataan which was halted in 1986. The cooperation would bolster the two countries’ partnership beyond construction to all stages of nuclear power station management including manpower incubation and technological development,” Ahn said.
In her welcoming remarks, Philippine Ambassador to Korea Theresa Dizon-De Vega said the Philippines has secured over $70 billion in foreign investments this year in “sectors important for further collaboration under the Philippine-Korea strategic partnership.”
She highlighted the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) program as a key driver of the bilateral partnership.
“The Philippines has witnessed the resiliency of Korea in the midst of challenges while holding true to its adherence for democracy and the rule of law,” the ambassador said, referring to the Korean Constitutional Court’s recent ruling on the impeachment of President Yoon Suk Yeol.
“Korea and the Philippines, entering the 76th year of our diplomatic relations this year, share a longstanding relationship built on mutual respect, shared values and robust cooperation. Korean businesses have played an important role in the Philippine economy, and this roadshow is a testament to the solid foundation we have built together.”
Korea Times President-Publisher Oh Young-jin praised the two nations’ “deepening commercial ties and expanding mutual opportunities especially under the transforming global economic landscape.”
“The timing of this event could not be more meaningful. Just days ago, Korea turned an important page in its political chapter with the conclusion of a period of uncertainty,” Oh said. “Now, we are focused on moving forward with stability, with purpose and with confidence. One of the most powerful ways we can do that is by reaffirming that Korea is, once again, back in business.”
The forum, the seventh edition of The Korea Times Global Business Club, featured a panel discussion with key Philippine government representatives, including BOI Executive Director Corazon Halili-Dichosa and Department of Energy Director Patrick Aquino.
Industry association leaders who took part included Danilo Lachica, president of the Semiconductor and Electronics Industries in the Philippines Foundation; Edmund Araga, president of the Electric Vehicle Association of the Philippines; and Han Dae-sik, president of Widus International Leisure.