The Philippine Chamber of Commerce and Industry (PCCI) and the Federation of Korean Industries (FKI) yesterday signed a memorandum of understanding (MOU) that aims to facilitate the growth of bilateral economic relations between the two countries by promoting cooperation in trade and investment among Philippine and Korean businesses.
The MOU, signed by PCCI president Enunina Mangio and FKI president Jin Roy Ryu at the Philippine-Korea Business Forum in Manila yesterday, provides that the parties will focus on strengthening collaboration in sectors such as energy. defense, infrastructure, Information and communications technology and innovation, agriculture, manufacturing, services, and small and medium enterprise development, among others.
The MOU will include exchange of market data and information on the policy, legal and regulatory environment for doing business in their respective countries.
In her remarks at the forum, Mangio said Philippine-Korea relationship extends beyond economics, “with our rich history of cultural and social ties.”
“Presently, around 100,000 Koreans reside in the Philippines, actively contributing to various sectors, including business, real estate, tourism, and education. A growing number of Korean students choose to pursue their education in our institutions, further enriching the close ties between our nations. On the other hand, over 60,000 Filipinos are currently residing in South Korea and significantly contributing to its economy. Many are engaged in key industries such as manufacturing, construction, and services, while others are professionals in technology, healthcare, and engineering,” Mangio said.
Two-way trade reached $15 billion in 2023. Korea remains a key trading partner of the Philippines, with significant investments in infrastructure, electronics, and energy.