Philippines-Republic of Korea Business Forum

Manila Hotel, City of Manila
October 7, 2024

Calling the Forum an exciting new chapter in the two nations’ 75 years of diplomatic relations and a testament to a partnership that is as enduring as it is dynamic, President Ferdinand R. Marcos Jr. keynoted the Philippines-Republic of Korea Business Forum together with visiting South Korean President Yoon Suk Yeol at the Manila Hotel on October 7, 2024.

“Each of you – 12 Philippine and 12 Korean companies and organizations – brings a wealth of experience and expertise. Your presence symbolizes the cooperation that propels us toward shared success. The business-to-business agreements that we have signed today, encompassing sectors such as infrastructure, public-private partnerships, energy and affordable housing, are a clear indication of the enthusiasm and commitment of our private sectors. To our partners from Korea, you have shown that business is in your blood. Investing in the Philippines at this opportune time is a fine strategic move,” President Marcos Jr. stated.

He bannered the Philippines’ remarkable growth rate of six percent (6%) in the first half of 2024, solidifying the country’s position as one of the fastest-growing economies in the region. Foreign direct investments (FDI) also remain strong, with net inflows of US$8.9 billion last year. All these economic achievements, according to the President, reflect the country’s success in implementing business-friendly reforms by dismantling bureaucratic barriers, lowering the cost of doing business and enhancing global competitiveness.

The President assured the South Korean business community that the Philippines continues to accelerate policy reforms and measures to further improve its business environment such as the enactment of the Public-Private Partnership (PPP) Code of the Philippines, Internet Transactions Act and the Tatak Pinoy Act.

For his keynote message, South Korean President Yoon Suk Yeol lauded the elevation of the two countries’ relations to a Strategic Partnership as this provides an opportunity to build a stronger economic cooperation. He also cited last year’s data that showed the largest number of Korean travelers to the Philippines, not just tourists but business travelers.

“Korean companies invested in flagship industries of the Philippines such as electronics, shipbuilding or semiconductors, contributing to its economic growth and job creation. Trade platforms including Korea-ASEAN FTA and Regional Comprehensive Economic Partnership or RCEP enabled Korea to expand its trade and to become the 5th largest partner to the Philippines. Thanks to your active business activities, we are now expanding the scope of cooperation across the economy and society from defense to cultural,” the visiting President said.

He urged both nations to join forces in upholding the values of democracy while driving the market economy to obtain mutual prosperity through cooperation.

President Yoon Suk Yeol concludes his two-day State Visit to the Philippines on this day, 7 October 2024.


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