The bible of Philippine politics

Peksman! Duterte assures protection for Korean investments

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By Prince Golez

President Rodrigo Duterte assured Korean firms of the government’s commitment to protecting their investments in the Philippines.

Duterte issued the remark during a courtesy call of South Korea’s major companies on the President at the Paradise Hotel in Busan on Monday.

In a November 25 press release, the Presidential Communications Operations Office (PCOO) said Duterte promised to shield businessmen from corruption and abuse particularly on ease of doing business, quick issuance of permits, and full guarantee on the return of their investments and remittances.

For their part, the Korean companies committed to invest in the Philippines, with some already operating in the country and some are expanding.

They also promised to participate in different infrastructure projects especially the Build, Build, Build program of the Duterte administration, according to the PCOO.

Duterte, who is in South Korea for the 2019 Association of Southeast Asian Nations-Republic of Korea Commemorative Summit, said the Philippines wants continued growth but does not have funds to sustain it, noting foreign investors could play an important role.

He also welcomed South Korean companies to do business in almost all of the country’s industries, from infrastructure to food manufacturing and others.

 

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