FINANCE Secretary Ralph G. Recto engaged in a courtesy meeting with Ambassador of the Republic of Korea Lee Sang-hwa on May 3, 2024 to strengthen economic and investment cooperation between the two countries.
Finance Secretary Ralph G. Recto engaged in a courtesy meeting with Ambassador of the Republic of Korea Lee Sang-hwa on May 3, 2024 to strengthen economic and investment cooperation between the two countries.
Ambassador Lee affirmed Korea’s strong investment presence in the Philippines and expressed keen interest in the country’s reform measures––particularly the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act (CREATE MORE) bill, referring to it as a noble approach to attracting investments.
Representatives from the Korean Embassy commended the Philippine government for its efforts to make the country a friendlier place for investments and conveyed their support to this effort.
To enhance energy security in the country, the Korean Embassy is proposing to sign a memorandum of understanding to conduct a feasibility study on the Bataan Nuclear Power Plant (BNPP).
Furthermore, the Government of Korea is looking to establish an Economic Development Promotion Facility (EDPF) in the amount of USD 3 billion through the Export-Import Bank of Korea (KEXIM) as an additional source of financing. The cooperation agreement is targeted to be signed within the year. A new loan to replace the Dumaguete Airport is also set to be signed.
Secretary Recto in turn expressed his interest to continue collaboration with the Korean government and vowed to address the issues raised in terms of streamlining processes and approvals and tax related concerns.
The Department of Finance (DOF) also sought the Korean Government’s support for the Philippines’ campaign to renew its term as Alternate Board Member to the Incheon/Seoul-based Green Climate Fund (GCF).
