A government delegation has pitched the Philippines as an investment site for Korean companies in the fields of semiconductor and electronics, electric vehicles, high technology agriculture, clean energy, logistics and shipbuilding.
The Philippine Economic Zone Authority (PEZA) in a statement on Monday said business-to-business (B2B) meetings were held with some 80 Korean companies in Seoul, South Korea, on April 6 to 9 as part of the government’s first international roadshow stop on the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE More) Act.
During the meetings, PEZA said its deputy director-general Vivian Santos met with officials of PEZA-registered locator companies, including KC & A Corp. that is engaged in logistics services and HiTec RCD Philippines Inc., which is into logistics and export manufacturing of motion control solutions.
Enhanced incentives
“The meeting served as a valuable platform to address operational concerns and explore how the enhanced incentives under the CREATE More Act could support the company’s current activities and potentially facilitate future expansion,” PEZA said in the statement, but declined to elaborate when sought for details.
Santos also visited Korea SuperFreeze, one of Korea’s leading cold storage logistics providers, which delivers sustainable cold chain solutions to Asia’s food and pharmaceutical industries through a network of strategically located, large-scale and smart cold storage facilities, PEZA added, but did not elaborate.
PEZA noted South Korea is the fifth-largest foreign investor in ecozones managed by the Authority, with a country investment portfolio of over P100 billion, around $1.6 billion in exports. The investments have created over 39,000 direct jobs, it added.
Highlighting the roadshow was the Philippine Business Forum co-hosted by the Philippine Embassy in Korea and The Korea Times on April 7 where the delegates showcased the new incentives introduced under the CREATE More Act.
The roadshow was led by Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go.
