00:00Yorong bun, anyeng habis singneka.
00:09At this year's Philippines Korea Business Forum, we are determined to advance policies that strengthen investor confidence,
00:18that expand opportunities for our peoples, and ensure that economy growth is shared.
00:24In a rapidly changing world, resilience is built not in isolation, but in partnership.
00:31It is therefore both strategic and principled to work closely with reliable partners such as the Republic of Korea,
00:39because together we can secure a future where both nations are self-sustaining, competitive, and prepared for the demands of
00:48tomorrow.
00:48Allow me to extend our sincere appreciation to His Excellency, President Lee Jae-myung, for joining us.
00:56Your presence here reaffirms your steady commitment to deepening the ties between our two countries,
01:02and it inspires renewed confidence that we can achieve much together.
01:08From comrades in times of uncertainty to partners in times of opportunity,
01:14our journeys prove that progress is not accidental.
01:19Progress is the product of trust that is earned, promises that have been kept, and cooperation sustained.
01:26It is built when nations stand by their commitments, where partnerships are guided by transparency,
01:35and when growth is pursued for all.
01:38We are grateful to the Republic of Korea for being a steadfast partner in this journey.
01:44Because of the confidence that you have placed in our country, foreign direct investments have grown through the decades.
01:50The Philippines and Korea have likewise built a relationship that is rooted in mutual respect,
01:57enriched by cultural exchange, and strengthened by genuine friendship.
02:02In many meaningful ways, Filipinos have embraced Korea as something warmly familiar.
02:09From eagerly following Korean dramas, to including kimchi and bulgogi in our regular fair,
02:17and with the singing along with the favorite artists from Korea,
02:23our people have formed a genuine and lasting bond with Korean culture.
02:28Today's forum celebrates the strong bond between our nations,
02:32and it underscores our commitment to attracting more investment that will drive inclusive growth in our region.
02:40It is an opportunity to present the direction of our economic development,
02:44the reforms that we have instituted, the investments that we seek to attract,
02:50and the environment we are continuously shaping,
02:53one that is transparent, that is predictable, and that is conducive to business.
02:59More importantly, it is a platform where our industry leaders, innovators, and decision makers
03:04come together to build enterprises that create value,
03:09that generate employment, and that uplift communities.
03:13Allow me to recognize the valuable contributions of the Philippine and Korean entities
03:18who are taking part in strengthening this cooperation.
03:22The business agreement signed earlier today on various industries,
03:27including shipbuilding, nuclear energy, aerospace,
03:31critical minerals in supply chain and retail,
03:34health and wellness demonstrate our enthusiasm for our private sector
03:40to deepen our strong economic relations.
03:44All of these will ripple into significant partnerships that will generate projects, investments,
03:50and, of course, livelihood.
03:52So to our partners from Korea,
03:54your investment in the Philippines reflects a strategic and forward-looking decision.
04:00This administration remains persistent in its commitment to meaningful reform.
04:06We are eradicating bureaucratic barriers,
04:09reducing the cost of doing business,
04:11and boosting our competitiveness in the global arena.
04:15Through the Create More Act,
04:17we are opening the door to bigger investments that bring real opportunities to our people.
04:21We are supporting qualified projects that invest at least 50 billion pesos
04:27or create at least 10,000 jobs.
04:30They mean more business rising up,
04:33more Filipinos employed,
04:35and more families given the chance for a better life.
04:39Complementing this law is the Capital Markets Efficiency Promotion Act.
04:43We have streamlined the tax system for financial transactions,
04:47reducing the stock transaction tax from 0.6% to 0.1%,
04:53making equity investment more accessible,
04:57and the creation of capital more efficient.
05:00We have also strengthened our economy through the amended Foreign Investments Act.
05:05By lowering capital requirements for startups,
05:09advanced technology ventures,
05:10and enterprises that employ more Filipinos,
05:13we are making it easier for investors to do business in the Philippines.
05:19Likewise, through the amended Retail Trade Liberalization Act,
05:24we have significantly lowered the capital requirement for foreign retailers
05:27from 2.5 million dollars to 25 million pesos.
05:33This makes it easier for investors to now enter into the market.
05:38By removing unnecessary pre-qualification requirements,
05:42we shorten the process for doing business
05:44while ensuring healthy competition
05:46that benefits Filipino consumers
05:49through better choices and fairer prices.
05:51In addition, Executive Order No. 18, Series of 2023,
05:58created the green lanes for strategic investments.
06:01These green lanes streamline permits and approvals
06:06for these high-impact projects which we are promoting.
06:10Together, these measures form a coherent strategy
06:13to create an economy that is dynamic,
06:16that is inclusive, and resilient.
06:18Of course, this forum would not have been possible
06:22without the Philippine Chamber of Commerce
06:24and the Industry and Federation of Korean Industries.
06:27Your collaboration exemplifies the very partnership
06:31that we seek to cultivate,
06:33one grounded in initiative, in coordination, and in purpose.
06:37As we move forward,
06:39let this gathering give rise to partnerships
06:42that are both profitable and purposeful.
06:44Let us pursue a more balanced trade strategy
06:48and a healthier economic position
06:50that has channeled investments into priority sectors
06:53such as automotive manufacturing,
06:55into electronics, biotechnology,
06:58as these will define the next chapter of our development.
07:02Yet even as we speak of growth and competitiveness,
07:06let us never lose sight of why we pursue these.
07:09Progress finds meaning only when it improves lives.
07:13Every policy that we craft,
07:15every agreement that we sign must ultimately serve our people.
07:20If we remain guided by this principle,
07:23then these ventures will open doors of opportunity,
07:27nurture aspirations,
07:29and empower our citizens to thrive.
07:32The story of Philippine-Korean relations
07:35is one of solidarity transformed into partnership,
07:39and partnership transformed into shared success.
07:42So let us ride the next chapter together
07:45with integrity, determination, and hope.
07:49Let us build a bagong Pilipinas
07:51where institutions are empowered,
07:53industries are supported,
07:55and every Filipino is given a fair chance to succeed.
08:00Thank you and good morning.
08:02Mabuhay.
08:03Thank you very much.
08:12You
Comments