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Money Matters

Duterte’s visit to South Korea brings investments to PH

As a result of President Rodrigo Duterte’s visit to South Korea last month, more Korean companies will be investing in the Philippines in the coming years.

In an exclusive interview with the Philippine News Agency (PNA), South Korean Ambassador Han Dong-Man said that he has been encouraging Korean businessmen to “‘invest, invest, invest’ in the Philippines in accordance with Duterte’s ‘Build, Build, Build’ slogan.”

“The Philippines has many potential to attract foreign direct investment, as demonstrated by the US News Report, saying that the Philippines is the number one country to invest in,” Han said.

He also added that these Korean investments will create many jobs in the Philippines, specifically in the manufacturing sector.

Last year, Samsung Electro-Mechanics made a USD200 million investment in Cavite to manufacture components of semi-conductors, generating 6,000 new jobs.

Meanwhile, another Korean company, SFA Semicon, built a second plant in Clark, Pampanga amounting to a USD100 million investment and creating over 1,500 new jobs.

Han noted that South Korea and the Philippines have a good relationship, adding that “today’s Korea would not be enjoying peace, democracy, and economic prosperity without the great and noble sacrifice of the Filipino Korean War veterans.”

Han was referring to the officers and men of the Philippine Expeditionary Forces to Korea (PEFTOK) who were sent by the Philippines to provide assistance to South Korea during the Korean War in 1950-55.

via Philippine News Agency / Ben Cal

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