Philippines wooing Korean retailers

MANILA, Philippines — The Department of Trade and Industry (DTI) is wooing four Korean retail companies to invest in the Philippines.

Trade Secretary Cristina Roque is currently in Seoul, South Korea to meet with four Korean retail firms.

Roque said the four companies are new market entrants and include restaurants and apparel retailers.

The firms have expressed interest to expand in the country.

Roque said the discussions are preliminary and no agreements have been finalized yet.

“(We’re) hoping to get investments in the retail sector,” the DTI chief said.

According to Roque, retail investments are relatively easy to establish. In addition, these investments create jobs in the country.

The meeting forms part of the DTI’s efforts to encourage more investments into the country and strengthen ties with South Korea.

By attracting investments, the DTI aims to generate employment and support economic growth.

Recently, retail brands in fashion, food and beverage and home and furnishing have been expanding in the Philippines to take advantage of the country’s big market and consumption driven-economy.