Korea still bullish on RP economy

MANILA, Philippines - Korea remains bullish on the Philippine economy as both countries commemorate the 60th year of diplomatic relations.

During a visit to The STAR office yesterday, Korean Ambassador Choi Joong-Kyung said Korea believes the Philippines has the potential to become one of the 10 biggest economies in the world, especially if problem areas are properly addressed, including some constitutional barriers and the high cost of electricity.

Ambassador Choi said power cost in the Philippines is twice the rate in Korea, which can dissuade potential investors.

“Even if the cost of labor is low, the electricity cost is the barrier,” Choi said.

But Choi is optimistic that the tourism and agriculture sectors in RP will continue to flourish.

Around 600,000 Koreans visit the Philippines every year.

Choi stressed that Korea is willing to share with the Philippines its development experience to turn the latter’s vast potential into a powerful economy.

Korea has been an ardent supporter of the Philippines, being one of the 10 biggest donors of official development assistance and the fifth leading contributor of foreign direct investment. - Cheeko Ruiz