00:00I just had a meeting a few minutes ago.
00:13We just finished a meeting with Samsung.
00:15And as you know, Samsung is already in the Philippines.
00:18They have employed 8,000 Filipinos in their very, very high-tech manufacturing plant.
00:30The products that they make in the Philippines are of the highest tech that you can imagine.
00:39And so that is very, very important for us.
00:42Well, I met with them today and they asked me what we could help them with an expansion in the Philippines.
00:54And mabuti na lang, meron na tayong batas na create more.
00:57Because within the new create more act, there is a threshold where we say that if there is an investment of over 50 billion pesos in the country,
01:14then they are qualified to be extended incentives and tax exemptions.
01:20So they committed to that.
01:23And they said because there is a create more now and that we have – and because there are now incentives that make it easier for us to invest and to expand,
01:36that is their commitment.
01:37They made a commitment of a little over 50 billion pesos to expand, that translates into 3,000 new jobs.
01:46And again, the transfer of technology is going to be very important.
01:55And the third thing is that if all of us invests, especially the technology, I always say that you need to train people.
02:05And it's not just that you need to train people.
02:08It's not just that you need to train people.
02:10And Samsung has agreed to train people.
02:11And Samsung has agreed to tie up with some universities in the Philippines, not only to train, but also to do research and development.
02:23I don't think they do that in every place that they are.
02:27And so that is a very good development that we had just a few minutes ago.
02:31Thank you very much.
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