Speech by President Ferdinand R. Marcos Jr. at the Philippines-Korea Business Forum

Thank you to our Trade and Industry Secretary, Secretary Cris Roque.

Our honored guests, President of the Republic of Korea, His Excellency Lee Jae-myung; the Ambassador of the Republic of Korea to the Philippines, His Excellency Lee Sang-hwa; Agricultural Secretary Francisco Tiu-Laurel and the other members of the Cabinet; Philippine Chamber of Commerce and Industry President, my tukayo, Ferdinand Ferrer; the Federation of Korean Industries Chairman Jin Roy Ryu; my fellow workers in government, our partners in the private sector, distinguished guests, ladies and gentlemen, good morning.

Yeoreobun Annyeonghasibnikka!

[applause]

At this year’s Philippines–Korea Business Forum, we are determined to advance policies that strengthen investor confidence, that expand opportunities for our peoples, and ensure that economy growth is shared.

In a rapidly changing world, resilience is built not in isolation, but in partnership. It is therefore both strategic and principled to work closely with reliable partners such as the Republic of Korea.

Because together, we can secure a future where both nations are self-sustaining, competitive, and prepared for the demands of tomorrow.

Allow me to extend our sincere appreciation to His Excellency, President Lee Jae-myung for joining us. Your presence here reaffirms your steady commitment to deepening the ties between our two countries and it inspires renewed confidence that what we can achieve much together.

From comrades in times of uncertainty to partners in times of opportunity, our journey has proved that progress is not accidental.

Progress is the product of trust that is earned, promises that have been kept, and cooperation sustained.

It is built when nations stand by their commitments, where partnerships are guided by transparency, and when growth is pursued for all.

We are grateful to the Republic of Korea for being a steadfast partner in this journey. Because of the confidence that you have placed in our country, foreign direct investments have grown through the decades.

The Philippines and Korea have likewise built a relationship that is rooted in mutual respect, enriched by cultural exchange, and strengthened by genuine friendship.

In many meaningful ways, Filipinos have embraced Korea as something warmly familiar. From eagerly following Korean dramas to including kimchi and bulgogi in our regular fare and with singing along with the favorite artists from Korea, our people have formed a genuine and lasting bond with Korean culture.

Today’s forum celebrates the strong bond between our nations and it underscores our commitment to attracting more investment that will drive inclusive growth in our region.

It is an opportunity to present the direction of our economic development: the reforms that we have instituted, the investments that we seek to attract, and the environment we are continuously shaping—one that is transparent, that is predictable, and that is conducive to business.

More importantly, it is a platform where our industry leaders, innovators, and decision-makers come together to build enterprises that create value, that generate employment, and that uplift communities.

Allow me to recognize the valuable contributions of the Philippine and Korean entities who are taking part in strengthening this cooperation.

The business agreements signed earlier today on various industries, including shipbuilding, nuclear energy, aerospace, critical minerals, and supply chain and retail, health and wellness demonstrate our enthusiasm for our private sector to deepen our strong economic relations.

All of these will ripple into significant partnerships that will generate projects, investments, and of course, livelihood.

So, to our partners from Korea: Your investment in the Philippines reflects a strategic and forward-looking decision.

This Administration remains persistent in its commitment to meaningful reform. We are eradicating bureaucratic barriers, reducing the cost of doing business, and boosting our competitiveness in the global arena.

Through the CREATE MORE Act, we are opening the door to bigger investments that bring real opportunities to our people.

We are supporting qualified projects that invest at least PhP50 billion or create at least 10,000 jobs. They mean more business rising up, more Filipinos employed, and more families given the chance for a better life.

Complementing this law is the Capital Markets Efficiency Promotion Act. We have streamlined the tax system for financial transactions, reducing the stock transaction tax from 0.6 percent to 0.1 percent, making equity investment more accessible and the creation of capital more efficient.

We have also strengthened our economy through the Amended Foreign Investments Act. By lowering capital requirements for start-ups, advanced technology ventures, and enterprises that employ more Filipinos, we are making it easier for investors to do business in the Philippines.

Likewise, through the Amended Retail Trade Liberalization Act, we have significantly lowered the capital requirement for foreign retailers—from 2.5 million dollars to PhP25 million. This makes it easier for investors to now enter into the market.

By removing unnecessary pre-qualification requirements, we shorten the process for doing business while ensuring healthy competition that benefits Filipino consumers through better choices and fairer prices.

In addition, Executive Order No. 18, series of 2023, created the Green Lanes for Strategic Investments. These green lanes streamline permits and approvals for these high-impact projects which we have promoted.

Together, these measures form a coherent strategy to create an economy that is dynamic, that is inclusive, and resilient.

Of course, this Forum would not have been possible without the Philippine Chamber of Commerce and Industry and the Federation of Korean Industries.

Your collaboration exemplifies the very partnership that we seek to cultivate—one grounded in initiative, in coordination, and in purpose.

As we move forward, let this gathering give rise to partnerships that are both profitable and purposeful.

Let us pursue a more balanced trade strategy and a healthier economic position. Let us channel investments into priority sectors such as an automotive manufacturing, into electronics, biotechnology as these will define the next chapter of our development.

Yet, even as we speak of growth and competitiveness, let us never lose sight of why we pursue these. Progress finds meaning only when it improves lives. Every policy that we craft, every agreement that we sign, must ultimately serve our people.

If we remain guided by this principle, then these ventures will open doors of opportunity, nurture aspirations, and empower our citizens to thrive.

The story of Philippine–Korean relations is one of solidarity transformed into partnership, and partnership transformed into shared success.

So, let us write the next chapter together—with integrity, determination, and hope.

Let us build a Bagong Pilipinas where institutions are empowered, industries are supported, and every Filipino is given a fair chance to succeed.

Thank you and good morning.

Mabuhay tayong lahat!

[applause]

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