Duterte assures Korean businessmen of protection
BUSAN — President Rodrigo Duterte met with representatives of top Korean companies last Monday and assured them of protection when they invest or expand their operations in the Philippines.
Trade Secretary Ramon Lopez said the president had vowed to prevent delays in the release of permits and to provide an environment conducive to businesses.
"He (Duterte) assured (them of) protection, ease of doing business, no delay in permits and full guarantee of their... return of investments and remittances," Lopez told reporters last Monday here.
Duterte told the Korean investors that the Philippines wants continued growth but does not have funds to sustain it. He said foreign investors could play an important role in addressing the gap.
Lopez said some businesses have expressed interest to invest in the Philippines and to participate in the government's "Build, Build, Build" infrastructure program.
"Some (companies) are existing and expanding. Others planning to come in," the trade chief said.
The Korean companies who were represented during the meeting were Daesang, Hyundai Engineering & Construction Co., Ltd., Developer City Co., Ltd. (DCC), JS Development Corp., Korea Overseas Investment and Urban Development, LG CNS, Pan Co Ltd., Dohwa, Dae Il Corp. and Zein Motors.
The Philippines and South Korea have also agreed to work together to reach a free trade agreement by next year. The two countries cited the need to open their commodities market at an early date and vowed to cooperate to achieve substantive progress in the trade talks.
Trade volume between Manila and Seoul totaled $15.6 billion as of end-2018.
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