The Federation of Korean Industries (FKI) and the Philippine Chamber of Commerce and Industry (PCCI) on Monday signed a memorandum of understanding (MOU) to enhance economic cooperation.
The MOU focuses on strengthening collaboration in various sectors including energy, defense, infrastructure, information and communications technology, agriculture, manufacturing, tourism, services and small and medium enterprise development.
The parties also agreed to exchange information on economic policies, business regulations, and the financial, trade, scientific, and industrial potential of both countries.
They will explore opportunities for joint participation in international conferences and forums to address global economic challenges and advocate for common interests.
Meanwhile, the Department of Tourism (DOT) and the Ministry of Culture, Sports and Tourism of the Republic of Korea signed the implementation program of the MOU on Tourism Cooperation for 2024 to 2029 during the first state visit of South Korean President Yoon Suk-yeol to the Philippines.
Tourism Secretary Christina Garcia Frasco and her counterpart, Minister of Culture, Sports and Tourism Yu In-chon signed the agreement, with an exchange of documents witnessed by President Ferdinand Marcos Jr. and President Suk-yeol at Malacañan Monday.
The signing of the implementation program for 2024 to 2029 continues and expands the bilateral tourism cooperation between the two countries under an MOU on tourism cooperation previously signed in 2006.
“We anticipate this implementation program will increase demand for more Philippine destinations and tourism products from our number one source market, South Korea, and provide more opportunities for the economic advancement of our people, with the expected growth in our tourism numbers,” Frasco said.
Under the renewed cooperation, both countries committed to enhancing their tourism industries through initiatives such as the exchange of professionals, information sharing, safety collaboration, joint marketing, training programs, mutual support, and investment promotion.
A joint working group will be formed to serve as a platform for both countries to ensure the discussion and enforcement of the program.
South Korea continues to be a vital partner in Philippine tourism, consistently ranking as the top source market of international visitors.
South Korea ranks number one in terms of international visitor arrivals to the country as of Oct. 7, 2024, which accounts for 27.16 percent of total foreign tourist arrivals since January 2024, with 1,230,858 visitors from South Korea arriving in the Philippines.
The program will introduce new initiatives focused on sustainability, green technology, and the development of emerging tourism destinations across the Philippines.
“We look forward to further deepening our collaboration with South Korea in the coming years. This partnership will not only bolster tourism exchanges but also contribute to the economic development of both nations, ensuring that the Philippines and South Korea remain premier destinations for travelers seeking rich cultural experiences and world-class tourism offerings,” Frasco said.
