“Iin the spirit of jeong—that unique Korean warmth and connection—Woori Ventures is building more than companies; it is building relationships that matter”
IT’S been a week since I served as one of the main speakers on the official launch of C-Pay in the Philippines at Hilton Manila before some 200 guests, mostly Korean expats.
At the heart of the new venture is C-Pay — touted as the first all-in-one financial service in the Philippines that offers everything from simple payments to foreign currency exchange, remittances, and deposits.
Credit goes to a dynamic leader in the person of Woori Ventures Group Chairman Mr. Lee Jaeson ably assisted by CEO Kim Byoungmin.
Both are proud sons of Korea and are now valued partners in Philippine financial innovation, considering that Korean expats now number close to 200,000 in the Philippines.
In addition, among the nationalities of foreign tourists who visit this country, Korea accounts for 26.54 percent compared to America’s 17.43 percent and almost equal percentages for Japan, China and Australia for an average of five percent.
Many wondered why I get to speak before the momentous C-Pay event.
It was my dear friend and Big Brother Mr. Kim Yeong San and his wife Vangie who were responsible in introducing me to Mr. Jason Lee who personally requested me to speak in the C-Pay event.
Aside from my deep friendship with Mr Kim and other Korean businessmen, my affinity to Korea is having visited it many times particularly for research and interviews for one historical book that I have authored and published.
In that book titled “Twilight Glory: Tribute to Filipino Heroes and Veterans,” I devoted one chapter on former Philippine President Fidel V. Ramos whose exploits and that of other Filipino soldiers who took part and fought side by side with the Koreans in the Korean War in the 1950s were narrated and given a first hand account by this author.
As a young lieutenant in the Philippine Expeditionary Force to Korea (PEFTOK), Fidel V. Ramos, played a key role in the Battle of Hill Eerie.
He led a 44-man platoon of the 20th Battalion Combat Team in a successful assault on the strategic hill, which was occupied by Chinese forces.
The Filipinos engaged in close-quarters combat, ultimately capturing the hill and inflicting significant casualties on the enemy.
Ramos’s leadership and tactical decisions, including requesting artillery support, were crucial to the victory.
The Korean War broke out on June 25, 1950. At that time, Ramos was a fresh graduate of the US West Point with the rank of 2nd Lieutenant when he volunteered for combat duty as a member of PEFTOK.
The Philippines was the first Asian country to send combat forces to Korea in response to an urgent call by the United Nations to send to help that beleaguered neighboring country stave off an invasion by some 400,000 Chinese and North Korean troops.
Then President Elpidio Quirino sent five battalions composed of 4,420-strong officers and men of PEFTOK.
As for C-Pay as an Electronic Money Issuer duly authorized by the Bangko Sentral ng Pilipinas , its salient features are likewise groundbreaking capable of performing such business platforms namely:Remittance Transfer Company, RTC; Foreign Currency Dealership FXD; and,
Money Changing, MC.
In my congratulatory message, I said: “Launching C-Pay in the Philippines reflects not just the spirit of Korean resilience and discipline, but also a deep respect for Filipino creativity, entrepreneurial drive and burgeoning economy.
In bridging these two cultures, C-Pay under the wings of Woori Ventures Group promises not only to empower businesses through digital finance and strategic investment—but to also deepen regional ties.
Your vision Mr. Lee Jaeson resonates with the rising wave of tech-enabled financial solutions that prioritize inclusion, trust, and transformation.
And in the spirit of jeong—that unique Korean warmth and connection—you are building more than companies; you are building relationships that matter.”
Indeed, it was an honor being with Korean expats and I am optimistic to a future where Korea and the Philippines will grow stronger – together.
(The author is president/chief executive officer of Media Touchstone Ventures, Inc. and president/executive director of the Million Trees Foundation Inc., a non-government outfit advocating tree-planting and environmental protection.)
