Korean who are doing business in the Philippines are encouraging their respective counterparts in South Korea to also invest in the country, as they said that they are being left behind by the ones from Japan and China.
Ties between the Philippines towards China and Japan are strongly put together by investments and businesses from the two countries.
The Korean businessmen are also calling out on their own government to grant Filipino tourists visa-free entry to South Korea so that the two nation’s ties will further strengthen.
Korean Chamber of Commerce of the Philippines’ (KCCP) president Ho Ik Lee said in an interview with The Star that he hopes more investors and investments from Korea comes to the Philippines.
“I hope for more investors and investment from Korea as the Philippine economy is expanding,”
“South Korea is a bit behind in terms of investment compared to China and Japan,”
Earlier, Lee has commented that several Korean firms were complaining about the expensive cost of doing business as well as the significant lack of incentives in the Philippines. This, according to Lee, prompted some of these firms to leave and transfer to Vietnam.
However, Lee maintains that the Philippines still has the advantage of having many competitive advantages when compared to other countries. This is particularly in terms of labor skills and productivity.
At his bilateral meeting with South Korea President Moon Jae-in during the ASEAN Summit last week, Philippine President Duterte urged South Korea to invest more in the Philippines, saying he is hopeful that South Korean investors would start more investments in manufacturing, automotive, food production, and processing, agribusiness, electronics, and energy.
Recently, South Korea, through the Export-Import Bank of Korea, has committed to donate $1.7 billion to help the Philippines with the government’s priority programs.
The KCCP headed by Lee is donating P1 million for the rehabilitation of Marawi.
It is also said that South Korea will be allowing tourists from the Philippines to visit their country without a visa for the Winter Olympics in 2018 which Korea will host for the first time.