Free trade deal hikes South Korea investments in PH by 4,000%

South Korean Ambassador to Manila Lee Sang-hwa said that there was a 4,000-percent increase in South Korea’s investment in the Philippines during the first quarter of this year because of the free trade agreement (FTA) that entered into force on Dec. 31, 2024.

- By RAYMUND ANTONIO

In a media luncheon on Tuesday, July 22, the envoy noted data from the Philippine Economic Zone Authority (PEZA), showing South Korea as the top investor in the country.

"This surge in Korean investment is largely attributed to the Korea-Philippines FTA coming into effect, coupled with the Philippine government's strong commitment to improving the investment climate, notably through initiatives like the CREATE MORE Act and the Luzon Economic Corridor," a report by the South Korean Embassy in Manila showed.

"We expect even more good news in the months ahead as businesses act on the new opportunities unlocked by the FTA and the Philippines' CREATE MORE Act," the ambassador said.

Data from PEZA showed that total foreign investments in the Philippines reached P72.4 billion by June, a 59.1-percent increase from the same period last year.