President Gloria Macapagal-Arroyo today pushed the Philippines as the “Best Value for Investment in the Region” and urged Korean businessmen to invest in the country which she said has a “stable (economic) environment.”

Responding to a question posed by Hyun Jin Kim of South Korea’s Chosun Il Bo, one of three reporters who interviewed the President this morning at the Shilla Hotel here, the Chief Executive said the possible industries open to Korean businesses were in mining, energy, bio-fuels, technology, tourism, and business process outsourcing. “We are among the Best Values for Investment in the Region in areas like mining, energy, bio-fuels, technology, tourism and business process outsourcing,” the President. She said the Philippines also prides itself of having a “stable environment, English-speaking, hardworking, and proficient workforce and very investment-friendly government which provides fiscal and non-fiscal incentives for investments including the areas I just mentioned.” She enumerated big Korean businesses such as Hanjin Heavy Industries, Inc. (ship building) and Samsung (distribution logistics center) who have invested in the Philippines. And only last May 30, two Korean electric companies have pledged to invest $200-million in wind power projects in the Philippines. Korea East West Power Co., Ltd. (EWP), a wholly-owned subsidiary of Korea Electric Power Company (KEPCO), committed in principle to invest $50 million in Alternergy Philippine Holdings Corporation’s wind power projects in the Philippines while the Export/Import Bank of Korea (KEXIM) also pledged to provide up to $150 million in loans to finance wind power projects that EWP and Alternergy will undertake in the Philippines. “We really want to encourage more renewable energy investments from the Republic of Korea especially because of the “Green Growth, Green Cooperation” initiative.