A delegation from the Philippines pitched investment in the Southeast Asian country’s semiconductor and electronics industries during a four-day promotion drive here from Tuesday.
The delegation, led by Director General Liliade Lima of the Philippine Economic Zone Authority, promoted increased investment in the Philippines in two days of seminars in Seoul and Ansan and by highlighting established commercial links and improved ratings from Fitch and Standard & Poor’s.
The Philippines was Korea’s second-most important investment destination in Southeast Asia in 2012 at $930 billion. Korea’s top three Southeast Asian investment destinations last year were Indonesia, the Philippines and Vietnam.
More than half of the Philippines’ export revenue comes from its electronics and semiconductor industries. Two-way trade was $11.5 billion in 2012.
Leaders from an association of 250 semiconductor and electronics companies in the Philippines, including global brands like Hitachi and Phillips, participated in the seminar.
“(This seminar) is indicative of the very essence of the diplomatic relations between the Philippines and South Korea: a mutually beneficial partnership that cuts across sectors and places the development of our peoples at the highest priority,” said Philippine Ambassador to Korea Luis T. Cruz at the outset of a seminar in Seoul on Tuesday.
People-to-people exchanges figure prominently in the bilateral relationship as well.
Approximately 120,000 Koreans reside in the Philippines while 42,000 Filipinos have found a second home in Korea. Korea has been the No. 1 source of foreign visitors to the Philippines for eight years. About 1 million Koreans visited the Philippines in 2011, according to the Ministry of Foreign Affairs.
