President Ferdinand Marcos Jr. assured Korean businessmen that the Philippines is ready to welcome their investments, with full government support.
Marcos made this statement during the PH-South Korea Business Forum held today.
He emphasized that the government is working on creating a more conducive environment for businesses to thrive in the country.
The President shared that the government is fast-tracking policy reforms designed to improve business conditions in the Philippines.
One of the key reforms is the Public-Private Partnership (PPP) Code of the Philippines, which enables transformative collaborations between the government and the private sector, particularly for infrastructure projects like roads, bridges, and public facilities.
Marcos also noted that the Philippine Congress is in the final stages of passing the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy or CREATE MORE Act.
The CREATE Act of 2021 is expected to expand fiscal and non-fiscal incentives for strategic industries in the country.
Several business-to-business agreements were also signed to strengthen public-private partnerships.
Meanwhile, South Korea reaffirmed its commitment to supporting a rules-based maritime order and freedom of navigation in the West Philippine Sea.
South Korean President Yoon Suk Yeol expressed this commitment during his bilateral meeting with President Marcos at Malacañang Palace on Monday.
In a joint press conference, President Yoon emphasized the importance of peace, order, and safety in the West Philippine Sea, a critical communication sea lane in the region.
He added that South Korea will continue to work with the Philippines to promote international law and strengthen strategic cooperation.
Yoon also highlighted the maritime cooperation agreement between the Philippine and South Korean coast guards, which aims to enhance maritime security, combat transnational crime, share information, and conduct search and rescue operations.
This agreement will further strengthen the ties between the two countries’ coast guards.
The relationship between the Philippines and South Korea has been elevated to a strategic partnership following President Yoon’s state visit.
During their bilateral meeting, President Marcos stated that their cooperation in defense, security, maritime affairs, trade, and people-to-people exchanges remains strong.
He also noted that in the face of a more complex geopolitical environment, the two nations must collaborate to achieve prosperity and uphold a rules-based order under international law.
South Korean President Yoon expressed optimism that his visit would further enhance cooperation in trade, the economy, security, digital technology, and energy.
The two leaders witnessed the signing of six memoranda of understanding (MOU), including one between the Philippine and South Korean coast guards aimed at enhancing mutual trust and protecting maritime interests and safety.
Other agreements signed include the Economic Innovation Partnership Program for national and urban development, a strategic cooperation on critical raw material supply chains, and a feasibility study for the rehabilitation of the Bataan nuclear power plant to boost energy security.
Additionally, agreements were made to enhance the implementation of infrastructure projects such as the Samar Coastal Road 2, Laguna Lakeshore Network, and Panay-Guimaras Bridges through loan agreements.
A tourism cooperation agreement covering the period from 2024 to 2029 was also signed.
Currently, the Philippines has 62 agreements with South Korea, covering various fields such as trade, education, energy, defense, transportation, labor, and more.