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The Philippines and the Republic of Korea are deepening economic ties through strategic investments in high-value manufacturing, semiconductors, shipbuilding, and infrastructure
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Finance Secretary Frederick Go and Korean Ambassador Lee Sang-Hwa met to discuss expanding economic cooperation, including under the Luzon Economic Corridor framework
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Samsung Electro-Mechanics Philippines will expand its multilayer ceramic capacitor facility in Laguna, the first investment to receive Presidential incentives under the CREATE MORE Act
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SFA Semicon, located in Clark, is planning a proposed investment to expand semiconductor assembly and testing capabilities
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HD Hyundai Heavy Industries Philippines will launch its first locally built, over 200 meters long, vessel at its Subic shipyard this year
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Korea is a key partner in two major railway projects: the North-South Commuter Railway and the Subic-Clark-Manila-Batangas Railway
The Philippines and the Republic of Korea are deepening economic ties through strategic investments in high-value manufacturing, semiconductors, shipbuilding, and infrastructure, , including through opportunities under the Luzon Economic Corridor (LEC), the Department of Finance said in a statement.
Finance Secretary Frederick Go and Korean Ambassador to the Philippines Lee Sang-Hwa reaffirmed their commitment to expanding economic cooperation, particularly within the LEC, a framework the two officials said builds on Korea’s technical expertise and the Philippines’ young, skilled workforce.
READ: Luzon Economic Corridor investor forum planned to draw global capital
“These investments represent opportunities for Filipinos through better jobs, improved connectivity, and more reliable services. We look forward to working closely with Korea to deliver projects that are truly responsive to the needs of the people,” Go said.
Among the key investments taken up was the expansion of Samsung Electro-Mechanics Philippines’ multilayer ceramic capacitor (MLCC) manufacturing facility in Laguna.
The project is the first investment to receive Presidential incentives under the CREATE MORE Act, is expected to create more high-value jobs and strengthen the Philippines’ role in the global semiconductor and electronics supply chain. MLCCs are essential components in automobiles, smartphones, and other electronic devices.
Under the LEC, the initiatives discussed include Clark-based SFA Semicon’s proposed expansion, HD Hyundai Heavy Industries‘ shipbuilding operations in Subic, and the construction of two major railway projects to enhance connectivity across Luzon.
SFA Semicon’s proposed investment would expand semiconductor assembly and testing capabilities in the country, further strengthening the Philippines’ position in the global electronics value chain while creating more high-value employment opportunities for Filipinos.
The Philippines and Korea are strengthening maritime ties through HD Hyundai Heavy Industries Philippines, which will launch its first locally built vessel at Subic this year. Over 200 meters long, the vessel is a milestone for the Philippine shipbuilding industry and highlights its role as a regional maritime hub.
The Republic of Korea plays a vital role in developing the North-South Commuter Railway and the Subic-Clark-Manila-Batangas Railway. When finished, these projects are anticipated to enhance connectivity across Luzon, decrease travel and logistics costs, and support the movement of people and goods between major economic hubs.
READ: Bidding opens for North-South Commuter Railway project
The two sides discussed cooperation on nuclear energy to enhance energy security, diversify the energy mix, and support economic growth.
“As a trusted and enduring partner, the Republic of Korea remains committed to deepening substantive cooperation with its strategic partner, the Philippines, to build a shared future marked by mutual prosperity, resilience, and sustainable growth,” Sang-Hwa said.
