Philippine Trade and Investment Center

Embassy of the Philippines
#4-1, 80 Hoenamu-ro,
Yongsan-gu, Seoul, Korea

Telephone: (02) 788-2153 or (02) 788-2154
Fax (82-2) 798-2504
Email:Korea@dti.gov.ph
Website: www.dti.gov.ph

ABOUT US

The Philippine Trade and Investment Center (PTIC) represents the Department of Trade and Industry (DTI) at the Embassy of the Philippines in Seoul, Korea. Its principal tasks are: to promote Philippine export products and services in Korea, secure Korean investments to the Philippines and encourage more areas for economic cooperation between Korea and the Philippines.

PTIC provides the following services:

Assistance to Korean Importers:

• Share Information on Philippine products and services
• Identify possible Philippine suppliers
• Arrange business meetings with Philippine manufacturers and exporters
• Assist buyers attending trade fairs in the Philippines

Assistance to Korean Investors:

• Information on investment laws, incentives, registration
• Identify investment opportunities
• Arrange meetings and site visits in the Philippines
• Advice on how to do business in the Philippines

We also provide services to increase economic cooperation especially in the following areas:

• Creative Sector
• Technology Transfer
• Infrastructure Development

INVESTING IN THE PHILIPPINES

Major Sectors for Investment in the Philippines

• Manufacturing (Vehicles and parts including EV; electronics and semiconductors; medical products/supplies; chemicals; heavy industry and construction materials)
• Food processing/Food production
• High value processing of critical minerals
• Infrastructure (including Energy and Logistics)
• Retail (including E-commerce)
• Real Estate Development (including industrial park, mass housing and tourism related facilities)

IMPORTING PRODUCTS FROM THE PHILIPPINES

Top Products to import from the Philippines

1. Agri produce · fresh, frozen or dried
   1. Bananas
   2. Pineapples
   3. Mangoes
   4. Coconut
   5. Cacao
   6. Coffee
2. Processed Food and drinks / Ingredients
   1. Coconut based - Coconut Oil, VCO, Dessicated Coconut, Coconut Milk
   2. Carrageenan
   3. Liquors, Wine and Beer – Gin, Coconut Liquor
   4. Healthy and all-natural snacks and drinks (calamansi etc)
   5. Plant based Products
   6. Seafood
3. Healthy and natural personal care products and ingredients
   1. Coconut based product (soap, shampoo)
   2. Essential oils (Elemi and Pili oil)
   3. Oleochemicals
   4. Biopharma (moringa powder)
4. Homestyle and Fashion (made from natural materials, modern design, a touch of tradition/history)
5. Non-food Inputs/products
   1. activated carbon
   2. coconut fiber/peat
   3. bamboo based products

SERVICES FROM THE PHILIPPINES

Attractive Opportunities in Services offered from the Philippines

1. Creative (Game Development, Animation, Content development, Film Co-Production)
2. Business and Finance
3. Software Development
4. Health Information Management

OTHER OPPORTUNITIES

Infrastructure, Cooperation and Technology Transfer opportunities in the Philippines

1. Road and Bridges
2. Trains and Railways
3. Energy
4. Ports and airports
5. Communication and digital Infrastructure
6. Electric Vehicle related manufacturing and Infrastructure
7. Agriculture and Food Processing
8. Logistics
9. Disaster and Climate Change Mitigation

Make it Happen in the Philippines

A Fast-Growing Economy

The Philippines economy rebounded in 2021, growing at a pace of 5.6%, despite the negative impact of the COVID-19 Delta wave that hit in the second half of 2021.

By 2033 the Philippines is set to join the ranks of a small group of countries in the Asia-Pacific region that have a GDP exceeding USD 1 trillion.

This will result in a significant transformation of the structure of the Philippines economy, with substantial expansion in the size of the domestic consumer market.

At the Heart of Asia

Locate at the heart of Asia, with easy access to key markets and within an important manufacturing value chain region.

Take advantage of our FTAs and GSPs, we enjoy preferential market access to key markets worldwide. The country also has economic partnerships that ensures ease in trade.

Our People, Our Strength

Total population: 110 million in 2020 and 125 million by 2030

• 63% belongs to working population

750,000 graduates/year (average past 3 school years)

• 86,000 - Engineering and Technology Graduates (average past 3 school years)
• 78,000 – IT-related Graduates (average past 3 school years)

Highly trainable with a short learning curve of 6 months

Growth rate in labor productivity: 3.8% with labor productivity highest in manufacturing and industry (WB 2019 Report)

Adaptable to different work environments

Track record for Reliable Manufacturing Sector

The PH electronics industry remains a competitive sector, contributing to the Philippines’ total exports for around 62% or US$ 39.67 billion in 2020 – with a projected growth of 7% for 2023.

Strong Government support

The CREATE Act offers a maximum of 17 years for qualified projects under the SIPP

Income Tax Holiday (ITH)

5% Special Corporate Income Tax (SCIT) based on Gross Income Earned, for 10 years, in lieu of all national and local taxes

Enhanced Deductions

Depreciation Allowance of Assets - additional 10% for buildings; and additional 20% for machineries and equipment

Additional Deduction on Labor Expense, R&D Expense, Training Expense, Domestic Input Expense, Power Expense, and Reinvestment Allowance to Manufacturing Industry; Enhanced Net Operating Loss Carry Over (NOLCO)

Duty exemption on importation of Capital Equipment, raw materials, spare parts, or accessories

VAT exemption on importation and VAT Zero-rating on local purchases

Philippines – Republic of Korea Free Trade Agreement

Philippine President Ferdinand R. Marcos Jr. and ROK President Yoon Suk Yeol witnessed the signing of the PH-ROK Free Trade Agreement by Trade and Industry Secretary Alfredo Pascual and Trade Minister Ahn Duk Geun on the sidelines of the 43^rd ASEAN Summit and Related Summits in Jakarta, Indonesia and on the occasion of the 24^thASEAN-Korea Summit last 7 September 2023. 

The signed PH-ROK Free Trade Agreement augurs well for the deepening economic cooperation between the Philippines and the Republic of Korea and is a testament to our strong trade and investment relations with the ROK, the 5^th largest economy in Asia and the Pacific and the 12^thin the world. 

The newly signed FTA is expected to remove tariffs on most products from the two countries, opening the door to rapid growth in bilateral trade. It is envisioned to help promote the Philippines as a strong market for smart and sustainable investments, ensure major economic gains with enhanced market access to ROK, and yield strategic investments in priority sectors and industries and in emerging economic areas. ROK is a valued trade and investment partner of the Philippines. In 2022, it ranked fourth in terms of total bilateral trade, valued at USD15.45 billion, and sixth in total approved investments, valued at USD90.62 million. 

Both countries are currently preparing for the agreement’s ratification process.