A total of 23 business deals worth an estimated value of $4.858 billion were signed as a result of President Duterte’s recent visit to South Korea
Trade Secretary Ramon Lopez said the private business deals are expected to generate 50,000 new jobs for Filipinos. The agreements include a memorandum of agreement (MOA), six memorandum of understanding (MOU), and 16 letters of intent (LOI) from Korean companies. Lopez said the business deals are all in addition to the five government-to-government MOUs signed by the government with the Korean government.
The Trade Secretary also said that South Korea businessmen are bullish about the Philippine economic prospects. He added that the business sentiment towards the President was very positive as they have lauded his strong political will and reform agenda. Among the big South Korean companies that inked the deals are POSCO Engineering & Construction Co. Ltd., SK Engineering and Construction, Hyundai, and Taesong Kimchi Company.