31 October 2013

S. Korea’s Philippine investments reach $3.8B

CLARK FREEPORT – South Korean investments in the Philippines have reached an estimated $3.8-billion, an official from the Embassy of the Republic of Korea shared Wednesday.

South Korean Minister and Consul General Min Kyong- Ho said that amount includes the Hanjin Heavy Industries and Construction Co. based at the Subic Bay Freeport and a thermal power plant based in Batangas.

Kyong-Ho also said that trade volume between the Philippines and South Korea has reached $11.5 million as of October.

He explained that the amount exceeded the expected $10-million trade volume between the two countries.

Kyong- Ho added that the Korean Consulate now expects a total of $12-million in trade volume before the end of 2013.

“I would like to thank the Filipino people for welcoming and helping Korean communities here. We would be happy to see a lot of your countrymen to participate in our cultural events,” Kyong- Ho said.

Aside from investing, Kyong-Ho added that Philippines is one of the favorite vacation destinations of Korean, most especially during their winter season.

“It is now winter in Korea hence the Philippines should expect more Korean tourists to arrive in the country,” he said. (Mark Manuel, Manila Bulletin)

Source: http://www.mb.com.ph/s-koreas-philippine-investments-reach-3-8b/