09 December 2021, Seoul - The Philippines was the featured country during the Segye ASEAN Forum 2021 held last December 9, 2021, at the Dragon Hotel in Seoul, Korea.  Hosted by Segye Ilbo, one of the major media groups in Korea, the event this year focused on the economic cooperation in the manufacturing sector between Korea and the Philippines through the PH-KR FTA which is expected to be effective by the first half of 2022.

High-level Philippine and Korean Officials participated in the event. These included DTI Secretary Ramon M. Lopez, Philippine Ambassador Maria Theresa De Vega, Korea Trade Minister Yeo Han Koo, Members of the National Assembly of Korea, and DTI Undersecretary Ceferino S. Rodolfo. 

Ambassador De Vega in her welcome remarks emphasized the timeliness of the forum especially with the recent conclusion of the FTA negotiations between the Philippines and Korea, “These are exciting times for deepened partnership between the Philippines and the Republic of Korea. Both countries are in the process of bouncing back from the effects of the COVID-19 pandemic. The recent conclusion of negotiations for the Philippine-Korea FTA last October 26, 2021, opens numerous opportunities for Korean companies to do business in the Philippines, especially in the manufacturing sector.”

Secretary Ramon M. Lopez, in his message, also emphasized the breadth and depth of relations between both countries and expressed optimism for a stronger partnership. The Trade Secretary further expressed, “We are optimistic that the FTA will stimulate trade and will provide avenues for Korean companies and industries to diversify and expand their economic interests in the Philippines.”

For his part, ROK Trade Minister Yeo underscored the importance to Korea of ASEAN as an economic bloc and said, “Our cooperation has been elevated to even greater heights since President Moon Jae-in declared the New Southern Policy”.  

As the keynote speaker, Undersecretary Rodolfo discussed the different investment opportunities in the Philippines and mentioned how current Korean companies in the Philippines are taking advantage of the attractive business environment in the country. He also mentioned how Korean companies can benefit from the Corporate Recovery and Tax Incentives for Enterprises or CREATE Law, which has been in effect since April 11 this year.

On the conclusion of the Philippines-Korea FTA negotiations, DTI Undersecretary Rodolfo said, “This is an opportunity for Korean companies to dominate the Philippine Electric Vehicle market, and once we reach a substantial level of Economies of Scale, Korean companies can put up production and assembly facilities—particularly the more mature vehicle models in the Philippines.”

Philippine Economic Zone Authority Department Manager Emmanuel Cortero also presented the benefits and services offered by PEZA to foreign companies investing in their numerous locations while Mr. Sherwin Nones, Head of Strategy of IMI represented the Philippine private sector and discussed areas for possible collaboration between IMI and Korean companies.

The Forum was organized through the efforts of Segye Media and the Philippine Trade and Investment Center (PTIC) of the Philippine Embassy in Seoul. The hybrid event was also live-streamed via Youtube. END.

Top: Philippine Ambassador to the Republic of Korea, Ambassador Maria Theresa B. Dizon-De Vega delivering the welcome remarks to the 2021 Segye ASEAN Forum. Philippine Trade Minister Ramon Lopez and Undersecretary of Trade and Industry Ceferino Rodolfo joined the forum virtually. ROK Trade Minister Yeo Han Koo is seen seated on stage. (Photo: PTIC_ROK)