Hon. Cheung Hae-moon, Secretary-General of the ASEAN-Korea Center, Honorable officials from the Philippines led by Director General Lilia de Lima of the Philippine Export Processing Zone Authority, Esteemed Korean partners, Distinguished guests, Ladies and gentlemen,

Let me thank, at the outset, the ASEAN-Korea Center through Secretary General Cheung Hae-moon, for organizing this Philippine investment promotion seminar in the capital city of South Korea, together with the Philippine Embassy. Such close collaboration is indicative of the very essence of the diplomatic relations between the Philippines and South Korea: a mutually beneficial partnership that cuts across sectors and places the development of our peoples at the highest priority. It is a partnership that has seen an exponential growth in trade volume over the years. From limited activity when official ties began on March 3, 1949, South Korea is now consistently one of the top trading partners of the Philippines. Last year, the volume of trade between South Korea and the Philippines reached US$11.5 billion. The Philippines also became the second highest investment destination in Southeast Asia for Korea last year, with total investment inflows of US$931.8 million. Our seminar comes at a time when many credit rating agencies have been giving positive reviews about the Philippine economy. Last week, the Philippines got its third investment upgrade of stable outlook from Standard and Poor’s, following a similar upgrade from Fitch in March of this year. It might interest you to know that the first investment upgrade that we received came from South Korea last February 12. NICE Investors Services Co., Ltd. announced that it lifted the outlook on the Philippines “BB+” long-term foreign currency rating and the “BBB-“ long-term local currency rating to positive from stable. We are honored today to have a familiar face. Director General Lilia de Lima of the Philippine Economic Zone Authority is a frequent visitor to South Korea and a driving force behind the Public-Private Partnership advocacy of the Philippines. PEZA is the Philippine government agency tasked to promote investments, extend assistance, register, grant incentives and facilitate the business operations of investors in the Special Economic Zones. You might also be interested to know that a substantial portion of investments come from the semiconductor and electronics industries. It is for this reason that we are similarly privileged with the presence of Mr. Danilo Lachica, President of the Semiconductor and Electronics Industry in the Philippines, an aggrupation of manufacturing companies that, as a group, easily accounts for over half of the total Philippine exports to the world. We are also honored with the presence of Mr. Ferdinand Raquelsantos, President of the Motor Vehicle Parts Manufacturing Association of the Philippines, which is another growth investment sector of the Philippine economy. Philippine-Korea partnership has grown into diverse areas during the last 64 years of its existence. It is a partnership strengthened by shared histories. Our soldiers fought side by side during the Korean War in defense of freedom and democracy, laying the foundation for a regional political climate that values, among others, sustainable peace and progress. It is a partnership made significant and inevitable by the continuous exchange of our peoples. Approximately 120,000 South Koreans now live in the Philippines while 42,000 Filipinos have found a second home in South Korea. South Korea has also been our country’s top source of foreign visitors for eight straight years. Expected to continue because of the proximity of our countries and the opportunities that await our respective nationals, this trend makes possible a rich pool of human resources that provide talent and comprise a significant market. It is, ultimately, a partnership bound by common pursuits. Every step we have taken is a step with the betterment of our peoples in mind. Every decision we have made is a decision in favor of a national and regional climate that can allow our citizens to thrive and prosper. Every strategy we have crafted is a strategy that takes into consideration our competitive advantages and national complementarities. Today, as we gather together for the Philippine Investment Seminar arranged by the ASEAN-Korea Center and the Embassy of the Philippines through the Philippine Trade and Investment Center, I hope that you can find your respective niches in this cross-cutting and mutually beneficial partnership. This is a partnership not only between governments, or of interests. This is also a partnership between peoples; between the private sector and the public sector, whose joint efforts can put any results-based operation on the fast track; and of strengths and visions. Congratulations to the organizers and the participants for what I am confident will be a very productive and candid seminar. I look forward to a healthy exchange of ideas with you. As we say in the Philippines, Mabuhay!