More Korean investments sought – BusinessWorld Online
THE PHILIPPINES is eyeing to enhance ease of doing business and attract more investment from South Korea amid Manila’s push to position itself as a more competitive destination for foreign capital.
Executive Secretary Ralph G. Recto and Seoul’s Ambassador to Manila Lee Sang-Hwa met on Monday to discuss ways to deepen economic ties between the two nations, a statement from Mr. Recto’s office on Tuesday said.
The talks focused on improving the local business climate and drawing more Korean investment, with Mr. Recto assuring the envoy that the government is working to address investor concerns and streamline doing business in the country.
The discussions also centered on expanding bilateral economic cooperation and strengthening commercial links.
South Korea also signaled support for the Philippines’ hosting of key Association of Southeast Asian Nations (ASEAN) meetings this year, reflecting Seoul’s broader effort to deepen engagement with Southeast Asia under expanding ASEAN-Korea cooperation frameworks.
The two sides reaffirmed their commitment to stronger diplomatic relations ahead of the 77th anniversary of formal ties between Manila and Seoul in March, a partnership that has increasingly expanded beyond trade to include infrastructure, tourism and regional collaboration.
The talks come as President Ferdinand R. Marcos, Jr.’s administration seeks to leverage its 2026 ASEAN chairmanship to attract investment and highlight economic priorities across the region, with senior officials emphasizing preparations aimed at boosting jobs and business activity. — Chloe Mari A. Hufana