00:00Come hither and jump in, the country's commercial and industrial waters are warm and fine.
00:05The President's entreaty to South Korean businesses and investors seeking to grow their money with better incentives and less hassle
00:13are caused in setting up shop.
00:15And the President gave them so much reason to do so, as our Floyd Brentsguay reports.
00:22The Philippines is ready for investors.
00:25President Ferdinand R. Marcos Jr. assured this during the Philippines-Korea Business Forum, which was attended by Korean business leaders,
00:33as well as South Korean President Lee Jae-myung.
00:36The President said the administration is also aggressively implementing reforms to ensure that companies feel confident investing in the country.
00:43This includes simplifying processes and reducing the cost of doing business.
00:48Through the Create More Act, we are opening the door to bigger investments that bring real opportunities to our people.
00:55We are supporting qualified projects that invest at least 50 billion pesos or create at least 10,000 jobs.
01:03They mean more business rising up, more Filipinos employed, and more families given the chance for a better life.
01:12Complementing this law is the Capital Markets Efficiency Promotion Act.
01:16We have streamlined the tax system for financial transactions, reducing the stock transaction tax from 0.6% to 0
01:25.1%, making equity investment more accessible and the creation of capital more efficient.
01:33He also highlighted other government measures such as the implementation of the amended Foreign Investment Act, which lowers the capital
01:40requirement for foreign startup businesses.
01:43Also included is the amended Retail Trade Liberalization Act, which reduces the capital requirement for foreign retailers.
01:50By removing unnecessary pre-qualification requirements, we shorten the process for doing business while ensuring healthy competition that benefits Filipino
02:00consumers through better choices and fairer prices.
02:03In addition, Executive Order No. 18, Series of 2023, created the green lanes for strategic investments.
02:13These green lanes streamlined permits and approvals for these high-impact projects which we are promoting.
02:21The President also mentioned the signing of agreements between Philippine and Korean companies.
02:26According to the President, this will not only help boost the economies of both countries, but will also strengthen cooperation
02:33between them.
02:34The agreements cover the sector of shipbuilding, nuclear energy, aerospace, critical mineral supply chains, retail and health and wellness.
02:42All of these will ripple into significant partnerships that will generate projects, investments and, of course, livelihood.
02:51So to our partners from Korea, your investment in the Philippines reflects a strategic and forward-looking decision.
02:58In his closing statement, the President urged South Korea to further sustain the strong friendship that has already been established
03:05toward shared success that will benefit both nations.
03:09Floyd Brents from the National TV Network for a new and better Philippines.
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