12 Korean firms seek opportunities in Phl

MANILA, Philippines - Twelve Korean firms engaged in manufacturing are interested in opportunities in the Philippines, the Department of Trade and Industry (DTI) said.

Trade undersecretary Nora Terrado told reporters the ASEAN-Korea Centre organized a trade mission composed of 12 firms to the country last week to allow the firms to check out opportunities here.

The firms that are part of the trade mission are involved in food processing and the manufacture of electronic products.

“Some are doing due diligence and (want to) investigate if what they hear is true,” Terrado said.

The firms, she added, are interested in putting up factories in the country.

“They are mostly looking at PEZA (Philippine Economic Zone Authority) zones,” she said.

As the Association of Southeast Asian Nations (ASEAN) is set to establish a single market and production base by the end of 2015, she said the Korean companies are also looking at the Philippines as a gateway to the region.

“Any ASEAN country is a candidate, so we have to do a good job in giving them a value proposition. Not all of them will be a match but if we can find a company that will match, we will sell,” she said.

Korean firms are interested in opportunities in the country given the improving business climate and the success of other Korean companies that already have operations here.

“It’s about the improving business climate, testimonies of successful Korean business so they want to investigate. It’s really the experience of other Korean companies and the overall business climate,” Terrado said.

The Philippine government wants to attract more investments in the manufacturing sector in line with its aim of making economic growth more inclusive through the creation of jobs.