SEOUL, 7 April 2016 - The Manila-based Philippines-Korea Economic Council (PHILKOREC) conducted its first trade mission to Seoul on 3-7 April 2016 and secured promising business leads and prospects among Korean companies keen to trade or invest in the Philippines while laying the groundwork for more regular business missions in South Korea in the future.

The mission was composed of 38 CEOs, presidents and senior officials of almost 50 Philippine companies representing various sectors such as infrastructure, energy related industries, agribusiness, aquamarine products, IT, construction, health and wellness and property development.

In the courtesy call at the Embassy Chancery on 4 April 2016, Mr. Gerry C. Garcia, Chairman of PHILKOREC, conveyed the keen interest of PHILKOREC's member companies to explore business opportunities with Korean investors and expressed hope that this business trade mission would pave the way for the conduct of future missions by PHILKOREC to Korea.

First Secretary and Consul General Roderico C. Atienza, Charge d' Affaires, a.i. of the Embassy of the Philippines in Seoul, Commercial Counsellor Emmanuel Ang, and Agricultural Officer Maria Alilia Maghirang assured PHILKOREC of the Philippine Embassy's full support in their mission and in matching them with potential Korean investors.

Later that same evening, PHILKOREC hosted a gala dinner at the K-Hotel in Seoul's Seocho-gu southern district, Seoul. Welcome remarks were delivered by PHILKOREC Chairman Garcia, Kim Hee-yong, chair of the counterpart Seoul-based Korea-Philippines Economic Council (KORPHILEC) and former Korean Ambassador to the Philippines Lee Hyuk.

"The visit of PhilKorec is timely given the keen interest that the Philippines has attracted from the international community, especially in light of the establishment of the ASEAN Economic Community late last year," said Consul General Atienza in a keynote speech to commend PHILKOREC's efforts in promoting and enhancing bilateral trade.

"The Philippines' strategic location in an economically dynamic region and its strong macroeconomic performance has increased the attractiveness of the Philippines to prospective foreign investors," he said, underscoring the country's 7 percent GDP growth over the past two years and US$17 billion worth of public-private partnership (PPP) projects in the pipeline.

Consul General Atienza called on Korean attendees to consider the Philippines' investment and business opportunities in the areas of energy, food, agribusiness, infrastructure, aerospace, banking and finance, tourism and facilities, PPP, electronics and IT services.

The program's highlight was the signing of a business agreement between Mr. Robert Yupangco, CEO of Zoomanity Group and Yupangco Holdings Corporation, and Mr. Lee Nam-ku of Yadllie FNC to establish samgyetang (ginger chicken soup) restaurants in the Philippines under a franchising arrangement. Mr Yupangco operates 15 restaurants in the Philippines.

The remaining days of the mission were dedicated to business-to-business meetings with Korea Electric Power Corporation (KEPCO), Samsung Electronics, Gyeonggi SME Global Business Center and other Korean companies.

Since its inception in 2003, the PHILKOREC, as a non-stock, non-profit corporation organized under the auspices of the Philippine Chamber of Commerce and Industry (PPCI), has sought to promote closer economic cooperation between the Philippines and Korea.

In the past, PHILKOREC officials and members have participated in the official business delegations organized as part of the state or official visits to Korea by Presidents Corazon C. Aquino, Fidel V. Ramos, Joseph E. Estrada and Gloria Macapagal-Arroyo. PHILKOREC also hosted a dinner for visiting Korean President Lee Myung-bak in Manila in 2012.