KOREAN INVESTMENT MISSION YIELDS PROMISING PROSPECTS FOR EXPANDED PH-KOREA COOPERATION IN INFRASTRUCTURE DEVELOPMENT IN THE PH
Seoul, 31 January 2018 - A high-level investment mission from South Korea visited the Philippines from 28-31 January 2018 to look into promising business prospects in the Philippines’ flourishing infrastructure sector. A total of 12 prominent Korean companies, composed of representatives from Korea’s distinguished conglomerates (chaebols) and major companies engaged in infrastructure development, energy generation and waterworks, participated in the mission.
The visit of the Korean infrastructure investment mission was organized by the ASEAN Korea Center (AKC) in coordination with the Philippine Trade and Investment Center (PTIC), DTI-Board of Investments and the Philippine Embassy in Korea in view of the Korean business community’s tremendous interest to invest in the Philippines’ thriving economy.
The mission commenced with a visit to the Clark Freeport and Special Economic Zone on 29 January 2018. In his welcome address, Philippine Ambassador to Korea Raul S. Hernandez underscored the Philippine government’s strong commitment to boost spending on infrastructure projects in the Philippines which is projected to reach 8-9 trillion pesos up to the year 2022 as the Philippines accelerates infrastructure development under the “Build, Build, Build” program of the administration of President Rodrigo R. Duterte that aims to usher in a Golden Age of Infrastructure in the Philippines.
Ambassador Hernandez also invited the members of the mission to “join the Philippines in achieving greater growth and prosperity” and expressed optimism that “with Korea’s advancements in the infrastructure sector, there would be vast possibilities for partnership and cooperation for continued sustainable development in the Philippines.”
The mission culminated in a “Philippines-Korea Investment Forum on Infrastructure and Energy” which was successfully convened on 30 January 2018 at the Sofitel Hotel in Manila. Notable dignitaries present at the Opening Ceremony included DTI Undersecretary Rowel Barba, AKC Secretary General Kim Young-Sun, Korean Ambassador to the Philippines Han Dongman, Ambassador Hernandez, and Commercial Counsellor Emmanuel Ang, Head of the PTIC in Seoul.
In his message of support delivered in front of a packed audience of potential Korean investors during the forum, Ambassador Hernandez conveyed that the “timing of the forum was perfect as the Philippines expects wider and deeper business engagement between the Philippines and Korea in view of Korea’s New Southern Policy.”
Ambassador Hernandez commended the DTI and AKC for the high turnout of attendees at the forum, noting that this signifies the keen interest of the Korean business community in the Philippines’ promising investment potential.
Ambassador Hernandez also expressed hope that the mission would contribute to bolstering infrastructure cooperation between the Philippines and Korea and that “new Korean-invested projects would contribute to changing the skyline of Manila and other regions in the Philippines.”
During the Forum, Ambassador Hernandez invited the Korean companies to participate in Philippine infrastructure projects, either as EPC contractors or equity investors, underscoring that Philippine infrastructure and construction companies are eager to partner with Korean companies who have expertise in the development of large-scale infrastructure such as airports, roads, bridges, power, water, and related utilities.
Moreover, Ambassador Hernandez pledged the full support of the DTI and Philippine Embassy in Korea in facilitating business matching and the implementation of infrastructure projects between the Philippines and Korea.
The Forum provided an opportunity for the members of the mission to be apprised of investment opportunities in the Philippines’ infrastructure sector, to be informed of the Philippine government’s policies for potential foreign investors and to network with government officials and business counterparts.
The mission was a resounding success as it yielded promising business prospects for enhanced collaboration and partnership between the Philippines and Korea in accelerating infrastructure development in the Philippines.
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PHILIPPINE ENVOY LEADS THE RELEASE OF THE FIRST BATCH OF PASSPORTS WITH 10-YEAR VALIDITY
Seoul, 21 January 2018 – The Embassy of the Philippines in Seoul, South Korea released the first batch of passports with a validity of 10 years today, 21 January 2018.
Ms. Carla May B. Begas, a Filipina marriage migrant from Chungnam, Chuncheongnamdo in the mid-western part of Korea, is the first to receive a passport with 10-year validity among the 33 Filipino nationals who applied for the renewal of their passports on 3 January 2018. Ms. Begas was ecstatic and very grateful when her passport was personally handed to her by Philippine Ambassador to Korea Raul S. Hernandez at the Consular Section of the Embassy.
The issuance of passports with 10-year validity is one of the reforms in consular services that the Department of Foreign Affairs has undertaken in line with President Rodrigo Roa Duterte’s commitment to improve the delivery of services to the public.
Under Republic Act No. 10928 and its Implementing Rules and Regulations, passports with 10-year validity will be issued to Filipinos 18 years old and above while Filipinos below 18 years of age will still be issued passports with 5-year validity.
ROK SHARES KNOWLEDGE OF ITS ADVANCED E-INVOICING SYSTEM WITH THE PH
Seoul, 11 January 2018 - A delegation from the Philippines, led by Undersecretary Karl Kendrick Chua and Assistant Secretary Mark Dennis Joven of the Department of Finance (DOF), visited South Korea from 8-10 January 2017 to gain a deeper insight into ROK’s implementation of its Electronic Tax Invoice (ETI) System for its Value-Added Tax (VAT) Regime which has gained international renown for being one of the best VAT systems in the world.
During their visit to Korea, the Philippine delegation was provided a comprehensive briefing by concerned Korean government agencies and stakeholders on ROK’s advanced internet connected E-Invoicing and E-Sales system.
The Philippine delegation was also able to learn more about the robust partnership between the public and private sectors in the implementation of the ETI system in South Korea. Some of the agencies visited were the Korea Institute of Public Finance, the Ministry of Strategy and Finance, and the National Tax Service.
On 10 January 2018, the delegation paid a courtesy call on Philippine Ambassador to Korea Raul S. Hernandez at the Philippine Embassy. Ambassador Hernandez was joined at the meeting by Consul General Christian L. De Jesus and Commercial Counsellor Emmanuel Ang, Head of the Philippine Trade and Investment Center (PTIC).
Ambassador Hernandez conveyed to Undersecretary Chua that the Philippines can gain valuable lessons from ROK’s experience in the implementation of the ETI system as ROK has been recognized by the Organization for Economic Cooperation and Development (OECD) for its highly efficient and technologically advanced VAT system.
Also, during the meeting, Undersecretary Chua discussed the Tax Reform for Acceleration and Inclusion (TRAIN). He conveyed that the law aims for the acceleration of development and inclusion of more Filipinos in the economic growth of the Philippines and to finance the “Build, Build, Build” program of President Rodrigo R. Duterte which aims to ramp up infrastructure spending and opening up more opportunities in infrastructure development to foreign investors.
Undersecretary Chua further mentioned that the second package of the TRAIN would be introduced to Congress for their consideration. He also confirmed that the National ID project would be implemented this year with the target date of completion in 2020, emphasizing that the initiative would be important as more people would be able to open bank accounts and apply for credit cards.
On behalf of the delegation, Undersecretary Chua expressed appreciation for the assistance rendered by the Embassy of the Philippines and the PTIC during their visit to Korea.
The official visit was organized by the Department of Finance in collaboration with the Asian Development Bank (ADB).
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