PH woos Korean investors with defense, energy, tech incentives

Philippine officials made a fresh pitch to Korean companies to invest in sectors ranging from defense to clean energy, highlighting new incentive packages and strategic opportunities during a business-to-business meeting (B2B) held at the Korea Chamber of Commerce in Seoul on Monday, April 7.

- BY THE KOREA TIMES

The event, held on the sidelines of the Philippine Business Forum (PBF), was aimed at boosting bilateral economic co-operation and drawing Korean firms into the Philippines' ambitious push for industrial modernization.

Secretary Frederick D. Go, special assistant for investment and economic affairs, delivered the keynote address at the PBF in Seoul, highlighting the first stop of the country's CREATE MORE international roadshow, under the slogan "Making Investments Happen in the Philippines." Go encouraged Korean investors to seize growing opportunities in the Philippines, citing a sweeping| tax reform law and a new wave of infrastructure and industrial initiatives that he said will drive longterm growth.

"Our message is clear: The Philippines is primed for investments, and we want the world to take notice," he said.

Go emphasized the landmark corporate recovery and tax incentives for enterprises to maximize opportunities for reinvigorating the economy, or CREATE MORE Act, signed into law four months ago as a "game-changer" for foreign investors.

"It signals to the world that the Philippines is open for business," Go said. "We offer 14 to 27 years of fiscal incentives income tax holidays, enhanced deductions and special corporate income taxwith up to 40 years for highly desirable projects." Korea remains one of the Philippines' most important economic partners, Go said, noting that in 2024, Korea ranked as the Philippines' fourth-largest trading partner, sixth-largest source of net foreign direct investment and second-largest source of approved investments.