MANILA, Philippines - Manila and Seoul are undertaking a feasibility study on a proposed program initiated by Korea that aims to generate investments in Philippine agriculture and other sectors in the country through a multi-industry cluster approach.
According to Agriculture Undersecretary Berna Romulo Puyat, the Multi-Industry Cluster Program (MIC) “is envisioned to serve as a catalyst for the establishment of major industries through high-level cooperation between major actors in the agriculture sector.”
Among the benefits that MIC participants can reap from the program, Puyat said, are increased agricultural productivity, the emergence of a manufacturing sector in the areas covered, a stronger financial system and more jobs.
“The MIC aims to create synergy among major industries like manufacturing and services to drive economic growth,” she said.
“It also seeks to address the underdeveloped sectors in the country by putting up investments in areas such as agriculture, labor, and manufacturing.”
A memorandum of understanding (MOU) on the MIC feasibility study was signed by Secretary Alberto Romulo of the Department of Foreign Affairs (DFA) on behalf of the Philippines and Minister Yu Myung-hwan of Korea’s Ministry of Foreign Affairs and Trade (MOFAT) during the official visit of President Arroyo to the Republic of Korea last May 30-31.