Phillips car expansion

Phillips Holdings Co. Ltd., or Phillips Electric Car, a Korean electric car manufacturer, plans to expand its operations to the Philippines. The expansion is set to bring 10,000 jobs and $10 million in investments. Phillips Electric Car chairman Bang Seung Ho (rightmost) and Trade Secretary Ramon Lopez (second from left) signed the letter of intent in the presence of President Duterte and Phillips Electric Car president Enoch Han (left). The deal is among the 22 business agreements signed during President Duterte’s visit to Korea on June 3 to 5. The agreements are worth $4.8 billion in investments and translate into 50,800 jobs.