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PIA Press Release

President Arroyo woos South Korea's businessmen

Manila (2 June) -- President Gloria Macapagal-Arroyo has pushed the Philippines as the best investment haven in the Southeast Asian Region (ASEAN) owing to its stable economic environment.

"We are among the Best Values for Investment in the Region in areas like mining, energy, bio-fuels, technology, tourism and business process outsourcing," said the President.

The latest prospect of this pitch are Korean businessmen whom President Arroyo urged to invest in the Philippines, which prides itself of having a "stable environment, English-speaking, hardworking, and proficient workforce and very investment-friendly government which provides fiscal and non-fiscal incentives for investments" including the areas she mentioned.

President Arroyo was in South Korea this week to attend the ASEAN Summit.

She enumerated big Korean businesses such as Hanjin Heavy Industries, Inc. (ship building) and Samsung (distribution logistics center) who have invested in the Philippines.

And only last May 30, two Korean electric companies have pledged to invest $200-million in wind power projects in the Philippines.

Korea East West Power Co., Ltd. (EWP), a wholly-owned subsidiary of Korea Electric Power Company (KEPCO), committed in principle to invest $50 million in Alternergy Philippine Holdings Corporation's wind power projects in the Philippines while the Export/Import Bank of Korea (KEXIM) also pledged to provide up to $150 million in loans to finance wind power projects that EWP and Alternergy will undertake in the Philippines.

"We really want to encourage more renewable energy investments from the Republic of Korea especially because of the "Green Growth, Green Cooperation" initiative, stressed the President.

Capiz entrepreneurs have visited this year's ASEAN Summit host in 2008 to explore markets and links there for cutfoliage, which is produced by Capiz Multi-Purpose Cooperative, Inc. (CMPI) here.

CMPCI hopes to add South Korea to its existing Japanese market where the cooperative, which is being assisted by the Department of Trade and Industry (DTI) here, has been exporting cutfoliage since 2006.

Cutfoliage is one of the banner products of Capiz under the One Town, One Product (OTOP) Project of the government spearheaded by DTI. (OPS-PIA) [top]

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