MANILA – President Ferdinand R. Marcos Jr. on Wednesday pledged to advance policies attracting investment and fostering new opportunities, as the Philippines and South Korea signed several business agreements in key strategic sectors.
Philippines, South Korea Strengthen Economic Ties with New Business Agreements
Speaking at the Philippines-Korea Business Forum at Conrad Manila in Pasay City, Marcos assured the South Korean business community of his administration’s commitment to strengthening investor confidence and promoting inclusive economic growth for both countries.
The agreements between Philippine and South Korean firms aim to enhance collaboration in industries including shipbuilding, nuclear energy, aerospace, critical minerals, supply chain, retail, and health and wellness.
“All of these will ripple into significant partnerships that will generate projects, investments, and of course, livelihood. So, to our partners from Korea: Your investment in the Philippines reflects a strategic and forward-looking decision,” Marcos said.
He added, “In a rapidly changing world, resilience is built not in isolation, but in partnership. It is therefore both strategic and principled to work closely with reliable partners such as the Republic of Korea. Because together, we can secure a future where both nations are self-sustaining, competitive, and prepared for the demands of tomorrow.”
The Philippine government will continue implementing reforms to reduce bureaucratic barriers, lower the cost of doing business, and boost global competitiveness, Marcos stated.
He cited the CREATE MORE Act, which supports projects investing at least PHP50 billion or generating at least 10,000 jobs, and the Capital Markets Efficiency Promotion Act, which reduces the stock transaction tax from 0.6 percent to 0.1 percent to increase equity investment accessibility.
The Amended Foreign Investments Act lowers the capital requirement for foreign retailers from USD2.5 million to PHP25 million, easing market entry for investors, Marcos noted.
He also emphasized the creation of green lanes for strategic investments to streamline permits and approvals for high-impact projects.
“Together, these measures form a coherent strategy to create an economy that is dynamic, that is inclusive, and resilient,” he said.
Marcos called for a “more balanced trade strategy and a healthier economic position” to drive inclusive growth, urging South Korean firms to explore investments in automotive manufacturing, electronics, and biotechnology, sectors he believes “will define the next chapter of our development.”
The business forum serves as a platform for industry leaders, innovators, and decision-makers to build enterprises that create value, generate employment, and uplift communities.
“Progress finds meaning only when it improves lives. Every policy that we craft, every agreement that we sign, must ultimately serve our people. If we remain guided by this principle, then these ventures will open doors of opportunity, nurture aspirations, and empower our citizens to thrive,” Marcos said.
The Philippines-Korea Business Forum aims to jointly advance Vision 2030, a shared goal of reaching USD20 billion in bilateral trade by 2030. The forum also seeks to establish a major global trade channel to achieve sustainable growth by strengthening bilateral strategic partnerships in manufacturing investment cooperation, energy, and advanced infrastructure.
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