Duterte’s South Korea visit nets $4.85B investment, 58K jobs for Filipinos

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PH-SOKOR TIES. President Rodrigo R. Duterte and Republic of Korea President Moon Jae-in shake hands after they declare their joint press statement following the successful bilateral meeting at the Blue House in Seoul on June 4, 2018. (Toto Lozano/Presidential Photo)

President Rodrigo Duterte’s 3-day trip to South Korea brought home a total of $4.858 billion in investment that could generate 58,000 jobs for Filipinos, an official said.

Trade Secretary Ramon Lopez said in a recent press conference that this is the result of the total 23 business agreements entered by the Philippines and South Korea during the official visit.

Lopez noted that Korean investors were positive and bullish about the Philippines considering the growing population of the middle class in the country.

“They all know that with an enlarging population and a growing middle class, there’s a lot of opportunity in construction, infrastructure, consumer goods, retailing,” he said.

During a bilateral meeting at the Blue House, the two countries also agreed to strengthen and resuscitate the joint commission on trade and economic cooperation and develop a preferential trading agreement to improve the market access of Philippine’s agriculture products to Korea, Lopez said.

He said the Philippines and Korea are eyeing to strengthen the ASEAN-Korea Free Trade Agreement as well as other areas of cooperation.

“There are still products that we wish to improve market access on, in particular, we are referring to products like banana, pineapple, mangoes, coconut products that we intend to improve market access on,” Lopez added.

A report said that President Duterte and South Korean President Moon Jae-in witnessed the signing of the following agreements:

  • Memorandum of agreement (MOA) – with the deed of donations between the Freeport Area of Bataan and Korean Federation of Fire Association (KFFA).Under the agreement, the KFFA will donate chemical fire truck, a fire pump truck and two car ambulances to the Freeport.
  • Memorandum of understanding (MOU) forged between the ASEAN Business Advisory Council and ASEAN Korean Centre with Korea Federation of Small and Medium Business for the joint development and undertaking of programs related to the ASEAN Mentorship for Entrepreneurs Network.
  • MOA between Philippine Chamber of Commerce and Industry Inc. (PCCII) and the Korea Federation of Small and Medium Business.
  • MOU between PCCII and the Korea Importers Association (KOIMA)covering technological cooperation and other business relations.
  • MOA between:
  • Philippine Overseas Construction Board and the International Contractors Association of Korea
  • PH Die and Mold Association and Korea Association of Machinery Industry
  • Philippine Utility Vehicle Inc. and Deakyung Engineering Co. Ltd.
  • Cagayan Economic Zone Authority (CEZA) and the Sea Offshore Services Corporation
  • CEZA and Fairbridge Overseas Development-Philippines Inc.
  • CEZA, IP Vebtures Inc. and the Hanwa Life Insurance Co. Ltd.
  • CEZA and Hanwa Life Insurance Co. Ltd
  • SK E& S and POSCO Engineering and Construction Co. Ltd.
  • MOU between DOST and Korean counterpart on Scientific and Technological Cooperation
  • MOU between DTI Sec. Lopez and South Korean minister of Trade, industry and energy Paik Unyo
  • MOU between Defense Secretary Delfin Lorenzana and Paik on cooperation on expansion of renewable energy deployment
  • Loan agreement between Finance Secretary Carlos Dominguez III and Export-Import Bank of Korea chairman Eun Sung-soo for the development of the planned Cebu International Container Port.

 Others agreements signed:

  • MOU signed between Presidential Communications Operations Office (PCOO) and Korea’s Ministry of Culture, Sports, and Tourism for the expansion of news cooperation partnership in the field of broadcasting.

“New government-to-government agreements open up areas of wider collaboration in science and technology, infrastructure development, renewable energy deployment, trade and economic relations, transportation, agriculture, forestry, and communications,” Duterte said during his arrival statement from his visit at South Korea at the Terminal 2 of the Ninoy Aquino International Airport (NAIA) Tuesday evening. CRC

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