The Board of Investments (BOI) and the Korea Trade-Investment Promotion Agency (KOTRA) signed a memorandum of understanding (MOU) to boost investment promotion.
The MOU, signed on Oct. 7, 2024, underscores the commitment of both nations to capitalize on the recent ratification of the Free Trade Agreement (FTA) between the Philippines and South Korea.
The partnership aims to intensify cooperation, spur cross-border investment flows and create new opportunities for investment and growth in sectors such as electric vehicles, renewable energy and critical minerals processing.
“No two countries are more compatible than the Philippines and South Korea. This deepening relationship will drive a virtuous cycle of sustained economic growth for both nations,” said Trade Undersecretary Ceferino Rodolfo.
The BOI and KOTRA will work on organizing investment seminars, trade missions and business matching activities to connect enterprises from both sides.
The BOI’s recent signing of an MOU with Shinhan Bank further strengthens the financial and investment cooperation between the Philippines and South Korea.
The partnership provides a comprehensive support ecosystem for South Korean companies looking to expand into the Philippine market.
The BOI actively positions the Philippines as a regional hub for smart, sustainable manufacturing and services.
Bilateral trade reached over $12 billion in 2023 and is expected to grow further with the implementation of the FTA.
South Korean companies are among the largest foreign investors in the Philippines, particularly in sectors such as infrastructure, energy and manufacturing.
