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The Foreign Trade Service Officers successfully conducted their regional planning consecutively held from 03-13 December 2018 to discuss and review strategies in promoting Trabaho, Negosyo, Kabuhayan (TNK) goes Global program for overseas Filipinos, Philippine Export Development Plan (PEDP), and the country’s Investment Priorities Plan to improve the Philippines’ trade relations and increase investments for the year 2019 onward, among others.

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Date of Release: December 2018

The Department of Trade and Industry through its Export Marketing Bureau (DTI-EMB) in collaboration with the Philippine Trade and Investment Center (PTIC) in Seoul and the ASEAN Korea Centre (AKC) are supporting Philippine exporters in expanding their market reach in South Korea through the country’s participation at the Korea International Furniture and Interior Fair (KOFURN) 2018 happening from 29 August to 02 September 2018 at the Korea International Exhibition Center in Gyeonggi, South Korea.Ten (10) Philippine companies assisted by the DTI-EMB through its Regional Interactive Platform for Philippine Exporters (RIPPLES) Plus Program were selected by the ASEAN-Korea Center (AKC) to showcase their products and services at the AKC ASEAN Exhibition Area of the KOFURN.

These Philippine furniture and furnishing companies which are members of the Chamber of Furniture Industries of the Philippines, Inc. (CFIP) and Pampanga Furniture Industries Foundation, Inc. (PFIF) include Azcor Lighting Systems, Calfurn Manufacturing Philippines, Country Accents, Filipino Creazione De Mano, Furnitureville, Markline Home Furnitures, More Than A Chair, Natures Legacy Eximport, Venzon Lighting Manufacturing, and Weavemanila.

KOFURN is the largest furniture exhibition in South Korea which features home, office and kitchen, interior furniture including the woodworking industry, and a design competition which started in 1984 under the active support of the Korean Government.

More than 350 representative firms are expected to display examples of contemporary bed furniture, office furniture, kitchen and bath products, sofas, lightings, carpets and flooring, wall coverings, textiles, raw materials, accessories and outdoor furniture for residential and commercial interiors and woodworking machinery for furniture and related products and publications. Also expected to visit the KOFURN 2018 are nearly 50,000 visitors both from the domestic and overseas fronts.

The Philippine Pavilion under the AKC ASEAN Exhibition Area of KOFURN will be joined by other ASEAN-member countries such as Indonesia, Malaysia, Myanmar, Singapore, Thailand, and Vietnam.

In 2017, South Korea was among the top export markets of the Philippines with total export values of USD4.3 B.♦ 

PH furniture makers in South Korea. Ten (10) Philippine companies selected by the ASEAN-Korea Center (AKC) are currently participating in the Korea International Furniture and Interior Fair at the KINTEX Exhibition Center, Gyeonggi, Korea from 29 August to 02 September, 2018.

Date of Release: 31 August 2018

Ph-Korea Investment Forum 30 Jan 2018 

Makati City, Philippines – The Department of Trade and Industry (DTI), through the Construction Industry Authority of the Philippines – Philippine Overseas Construction Board (CIAP-POCB), and the Board of Investments, with the Commercial Section of the Philippine Embassy in Seoul, Korea received a delegation of twelve (12) Korean companies on 29 to 30 January 2018.

The Business Forum held on 30 January 2018 at the Sofitel Philippine Plaza gathered over a hundred distinguished government representatives and movers in the construction, infrastructure, and energy industries, led by DTI Undersecretary for Competitiveness and Ease of Doing Business Rowel S. Barba, Philippine Ambassador to Korea Raul Hernandez, ASEAN-Korea Center Secretary General Ambassador Young-sun Kim, and Republic of Korea Ambassador to the Philippines Dong Han Man.

Presenting opportunities in the Philippines were Board of Investments Director Angelica Cayas on Investments and Build Build Build Committee Chairman Anna Mae Lamentillo and PPP Director Frances Yani Domingo on the Philippine Government’s infrastructure projects. International Contractors Association of Korea (ICAK) Deputy General Tae-wan Kim and counterpart Philippine Overseas Construction Board Member Mr. Michael Robert Reyes were also in attendance. CIAP, though the POCB, endeavors to cultivate strategic ties with South Korea with the end in view of developing the construction industry of both nations.

One-on-One Business Meetings between Korean and Filipino companies followed the forum to discuss areas of collaboration on infrastructure, energy, and construction, both in the Philippines and in Korea.

Over dinner of Pampango cuisine, the Philippine Contractors Accreditation Board (PCAB), one of five implementing boards of the Construction Industry Authority of the Philippines, discussed the licensing and accreditation process for foreign construction companies under the Quadruple A category which allow firms with 100% foreign equity to participate in infrastructure projects in the Philippines. PCAB also discussed how South Korean firms may acquire a special license for singular/specific projects through consortium or joint venture with Filipino companies.

With the recently approved Quadruple A category of PCAB, the agency expects a surge in foreign investments in construction and infrastructure. Construction investments for the first to third quarter of 2017, amounted to PHP627.4B or USD12.5B, a 6.8% increase compared to the same period in 2016. Of this, 25.9% is attributed to Government infrastructure spending equivalent to PHP162.7B or USD3.3B and 74.1% or PHP464.7B(USD9.3B) from private construction activities. Government construction activities increased by 10.0% while private construction activities increased by 5.8% compared to same period in 2016.♦

SRML with SK Execs
Trade Secretary Ramon Lopez (5th from left) and the rest of the Philippine delegation meet with South Korean companies on the sidelines of President Rodrigo Duterte's visit to South Korea.
SOUTH KOREA—The Philippine (PH) business delegation and South Korean counterparts signed a total of USD 4.8B-worth of investment pledges and business expansion intentions during the PH-Republic of Korea (ROK) Luncheon and Business Forum on 5 June 2018. These agreements are estimated to generate 50,800 employment opportunities in the country.
 
The Department of Trade and Industry (DTI) led the event signing, which gathered over 400 business delegates from both countries and comprising of new operators as well as subsidiaries of conglomerates operating in the country.
 
DTI reported that the 22 signed business agreements-- six Memoranda of Understanding (MOUs) and 16 Letters of Intent (LOIs) -- were presented to President Rodrigo Duterte during his visit in South Korea. These are in addition to the five MOUs signed between the governments of the Philippines and South Korea.
 
The business agreements cover expansion intentions for operations on power infrastructure development (offering 2,200 jobs), engineering and construction (2,000 jobs), solar power (1,000 jobs), electric automobile business operations (10,000 jobs), wind power plant (10,000 jobs), dredging and port rehabilitation (100 jobs), freshwater eel production (50 jobs), and real estate development (1,500 jobs).
 
Trade and Industry Secretary Ramon Lopez met with South Korean companies seeking to invest in the country. Investment pledges include automotive, public utility modernization, liquefied natural gas (LNG), coal-fired power, engineering, construction, sea offshore services, food, and aquaculture
 
Hyundai Motor Co. (HMC) expressed its intention to participate in the PUJ modernization program by providing environmental-friendly automobile technologies. HMC proposed a mid-term and long-term investment plan to construct an assembly plant in the country for passenger vehicles.
 
Meanwhile, SK Energy and Services is keen on investing in LNG and power infrastructure development and operation, as well as LNG trading. The company is also looking expanding its business activity on city-gas distribution in the country.
 
POSCO Engineering & Construction Co. Ltd. intends to expand its operations in PH valued at USD 200 million and expected to generate over 2,000 jobs.
 
According to Sec. Lopez, the wide-range of business agreements also reflect small and medium enterprise (SME) assistance from South Korea.
 
Taeseong Kimchi Company expressed their plans to expand its kimchi food production in the country, which would open 20,000 employment opportunities. Further, the company will apply an inclusive business model that seeks to engage with local farmers from Benguet for its operations.
 
Other expansion intentions came from various South Korean companies, including BKS Energy Industry Ltd., Phillips Holdings Co. Ltd., SY ENC Co. Ltd., Jungheung Construction Co., Ltd., JS Development Co. Ltd., PNK Aquaculture and Trading, and Andamiro Corporation.
 
During the bilateral meeting between the two governments, discussions on the establishment of the Joint Commission for Trade and Economic Cooperation (JCTEC) were opened as well as the possibility of a Preferential Trade Agreement for the lowering of South Korean tariffs on PH agricultural products.
 
Both governments also agreed on furthering agricultural, science and technology, as well as security cooperation.
 
Sec. Lopez, Department of Finance (DOF) Secretary Carlos Dominguez III, and Department of Agriculture (DA) Secretary Emmanuel Piñol gave the business delegation a comprehensive economic and investment briefing. The Cabinet Secretaries provided actual figures and situationers of the country’s business environment.
 
“The Philippine government is committed in widening its trade engagements with other nations under President Rodrigo Duterte’s independent foreign policy. With the South Korean business community as our partner, we are confident of making progress with government initiatives like the “Build, Build, Build” infrastructure program, and the thrust towards developing Micro, Small, and Medium Enterprises (MSMEs),” said Trade and Industry Secretary Ramon Lopez.
 
Four LOIs between South Korean companies and the Cagayan Economic Zone Authority (CEZA) were signed, indicating collaborative efforts in rehabilitating and modernizing the economic zone through reclamation and initiatives related to fintech, blockchain technology education, tourism, gaming, and other related business activities.
 
“Our next goal now is to ensure that these investment pledges and job opportunities will materialize, and allow us share the economic gains of the country, especially to those at the bottom of the pyramid,” Sec. Lopez added.
 
On the MOUs signed, the Philippine Chamber of Commerce and Industry (PCCI) and Philippines-Korea Economic Council (PHILKOREC) came up with an agreement with KBIZ for an exchange of information on commerce, industry, and trade opportunities focusing on small, medium enterprises. Likewise, PCCI inked an agreement with Korea Importers Association (KOIMA) for the promotion of trade, economic, scientific, technological cooperation, and other business relations.
 
In the field of die and mold industry, Philippine Die and Mold Association (PDMA) signed an MOU with Korea Association of Machinery Industry (KOAMI) to create a pool of manpower trained in die and mold designing, making, processing, assembly, and other related courses.
 
Meanwhile, South Korean’s DaeKyung Engineering Co., Ltd. sealed an MOU with Philippine Utility Vehicle Inc. (PhUV) for a joint development and promotion of green business in the country, as well as smart grid and electric vehicles. DaeKyung will also explore the co-development and co-assembly of the modern electric vehicle prototype by providing the powertrain and other parts.♦
 
Date of release: 06 June 2018

 

DTI-led investment mission to SoKor
The Philippines successfully concluded an investment mission to South Korea led by Department of Trade and Industry’s (DTI) Undersecretary for Trade and Investments Promotion Group Nora K. Terrado (1st row; 5th from left) with Philippine Ambassador to South Korea H.E. Raul Hernandez (1st row; 6th from left) and Philippine Trade and Investment Center- Seoul (PTIC-Seoul) Commercial Counselor Emmanuel Ang (1st row; 2nd from left). Seven (7) Philippine Investment Promotion Agencies (IPAs) actively participated the mission which promoted the Philippines as an ideal investment hub for infrastructure and other priority industries. The delegation includes Subic Bay Metropolitan Authority, Clark Development Corporation, Bases Conversion and Development Authority, Mindanao Development Authority, Authority of the Freeport of Bataan, Board of Investments, and Zamboanga City Special Economic Zone Authority. In 2016, South Korea ranked as the 7th major trading partner and 8th export market. The Philippines on its part, welcomes more Korean companies to be part of the Philippine government’s campaign of advancing the country’s infrastructure agenda through the “build, build, build” project and march towards inclusive, innovation-led prosperity.

 

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