MANILA, Philippines - In a recent interview with a media outlet during his visit to Korea, the Philippine President's Special Advisor for Investment and Economic Affairs (55) stated, "Korea is the Philippines' most important economic partner and strategic ally," emphasizing that "cooperation between the two countries is even more crucial during these rapidly changing times."
The Special Advisor for Investment and Economic Affairs, a cabinet-level position directly under the President, is a key figure who oversees the Philippine government's major economic policies, particularly investment attraction and the implementation of economic projects. Having accumulated extensive private sector experience in various fields such as media, tourism, banking, and real estate, he has been serving as the Special Advisor for Investment and Economic Affairs since January of last year. He also chairs the Philippine Economic Development Group (EDG), which aims to make the Philippines Asia's premier investment hub.
As the head of the global investment promotion initiative team ambitiously launched by the Ferdinand Marcos administration, he has recently been holding roadshows around the world. The fact that the 23-member delegation, including the Deputy Prime Minister, chose Korea as their first destination demonstrates how important the Philippines considers Korea.
He stated, "As of last year, Korea was the Philippines' second-largest investor, fourth-largest trading partner, and largest source of tourists," adding, "These figures support the need for the Philippines to expand economic cooperation with Korea."
Regarding the volatile international trade order due to the impact of the Donald Trump administration's tariff policies, he assessed, "Even under the new tariff structure, both countries can sufficiently promote mutual benefits." He cited Korean companies establishing production facilities in the Philippines in manufacturing sectors such as the electronics industry as an example.
"Korea's technological prowess and the Philippines' abundant renewable energy, key minerals, electric vehicle, and semiconductor resources can form a complementary relationship," he added. "Based on these structural strengths, we must further strengthen cooperation to create synergy." He emphasized, "We chose Korea as our first destination because we saw it as the best cooperation partner that can lead to tangible results."
The Philippines possesses major mineral resources such as copper, cobalt, gold, and chromium, as well as the world's second-largest nickel reserves, and is also rich in agricultural and marine resources. Furthermore, with the world's third-largest geothermal power generation capacity, its renewable energy potential is high, making it a noteworthy new 'supply chain partner'. This is also the background for the agreement between the two countries during the recent summit to actively implement cooperation in 'key raw material supply chains'.
Regarding the 'Bataan Nuclear Power Plant' project, he explained, "We specifically discussed cooperation in the energy sector during this meeting with the Korean delegation." He expressed strong expectations, saying, "Korea's safe and efficient nuclear technology and energy infrastructure experience will be helpful for the Philippines' energy security and clean energy strategies and goals."
He also emphasized that the institutional incentives for increasing Korean investment in the Philippines are greater than ever. The Philippine government has recently created a favorable investment environment for foreign companies under the "CREATE MORE" Act, which was enacted to promote investment attraction.
"Depending on the project, we offer incentives such as income tax holidays for up to 40 years, tax credits, and special corporate income tax rates," he said, adding, "Thanks to this, we attracted 1.9 trillion pesos (approximately 49 trillion won) in investment in the past year alone." He also called the Korea-Philippines Free Trade Agreement (FTA), which took effect at the end of last year, a "historic milestone," adding that it "also provides 100% electricity cost deductions and reinvestment tax credits for the manufacturing and tourism industries."
Regarding infrastructure, which is often mentioned as a weakness, he stated, "Currently, 212 projects are underway, and 48 have entered the stage of attracting private investment," adding, "The Luzon Economic Corridor, for example, will offer many opportunities for Korean companies to participate." The Luzon Economic Corridor is a global infrastructure investment initiative supported by the United States and Japan, holding strategic significance in countering China's "Belt and Road" initiative.
"Now is the time for both countries to create more," he emphasized, concluding, "We hope to move towards greater shared success through a stronger partnership and increased investment."
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