PHL PARTNERS WITH TOP KOREAN BANK FOR INVESTMENT SEMINAR IN SEOUL
By: Embassy of the Republic of the Philippines, Seoul
SEOUL, 25 September 2014 – The Philippines partnered with one of Korea’s biggest banks in organizing a one-day investment seminar recently in Seoul to invite the top Korean companies to open or expand production bases in the fastest-growing Southeast Asian country, the Embassy reported to the Department on 7 October 2014.
Philippine Economic Zone Authority (PEZA) Director General Lilia de Lima (8th from left), Philippine Ambassador to Korea Raul S. Hernandez (7th), and Commercial Counselor Nicanor Bautista (10th), who heads the Philippine Trade and Investment Center (PTIC) in Seoul, pose with Mr. Jae Yeol Choi, Exec. VP of Shinhan Bank (9th), Mr. Seung Man Choi, president of Samsung Electro-mechanics Philippines (6th), and other participants of the Philippine Investment Opportunities Seminar (Focus on Manufacturing Investments), organized with Shinhan Bank at the Korea Chamber of Commerce and Industry HQ Building on 25 September 2014.
“For the last three years, there have been virtually no strikes over the 300 economic zones under PEZA’s jurisdiction, the lowest in the whole of ASEAN region,” Director General de Lima said.
“PEZA also accounts for at least 90 percent of the Philippines’ whole exports to the whole world. Of these, over 80 percent of Korea’s investments to the Philippines are manufacturing concerns, 90 percent of which are located in PEZA zones,” she continued.
In a speech, Philippine Ambassador Raul S. Hernandez underscored the two countries’ “strong, steadfast and faithful relationship as neighbors, brothers-in-arms, trading partners and likely strategic allies in the future”.
All the real and potential advantages in “(our) dynamic, evolving and multi-dimensional” ties make sense because the Philippines has made forward strides in improving national governance, Ambassador Hernandez said.
“Since 2010, the administration of President Benigno S. Aquino III has put in place measures to address and eliminate corruption in government,” he said. “The bottom line is good governance has significantly made doing business in the Philippines better, faster, more profitable, and more sustainable.”
Mr Jae-Youl Choi, Executive Vice President and head of Global Business Group of Shinhan Bank, delivered the welcome speech.
The seminar was the second organized this year by the Embassy’s Philippine Trade and Investment Center (PTIC) in Seoul, together with Shinhan Bank, Korea’s first ever bank, KCCI –a leading economic organization representing the nation's 62 chambers– and the Small and Medium Business Corporation (SBC), a Korean government agency supporting SMEs.
PTIC head and Commercial Counsellor Nicanor Bautista described the investment seminar as a collaboration between PEZA and Shinhan Bank targeting the latter’s manufacturing clients as a precursor to Shinhan Bank’s decision to invest in the Philippines worth at least US$200 million.
Director General de Lima met with Korean companies after the seminar. The next day on Friday, 26 September, she visited the Gyeonggi Pyeongtaek Port (GPP) and witnessed the signing of a Memorandum of Agreement between the GPP and Batangas International Port.
Shinhan, which was named Korea’s second biggest bank by the Banker magazine in July 2014, invited its clients while SBC publicized the event to its members. The firms that joined the seminar were Samsung Electro-Mechanics Co. Ltd., Daehan Steel Corp., Optis Co, Ltd., Kyungdong Co. Ltd., Hanjin Heavy Industries and Hyundai E&C Engineering and Construction Group.
In April 2014, the Embassy partnered with the ASEAN-Korea Centre to hold an investment seminar with Trade Secretary Gregory L. Domingo and Undersecretary Ponciano C. Manalo, Jr.
Last year, there were 243 cases of Korean companies investing in the Philippines for a total of US$456.6 million.
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