MANILA, Philippines — South Korean firms have expressed keen interest to invest over $1 billion in water and power projects in the country, the National Economic and Development Authority (NEDA) said Thursday.
NEDA assistant Director-Genera Ruperto P. Majuca said at the Philippine-Korea Development/Business Partnership Forum identified these firms as K-Water, the leading water resources and power company in Korea, and Youil Ensys, Korea’s largest renewable and engineering power firms.
K-Water has expressed interest to pursue a planned $1 billion equity for different projects in the country while Youil Ensys plans to invest $160 million for solar-powered projects.
In addition, the Department of Energy and the Korean Ministry of Knowledge have signed an agreement to set up a power plant in the Subic Bay economic zone. The power plant will be designed using environment-friendly technology to address the medium and long-term projected electricity needs of the Luzon Grid.
Korea and the Philippines also signed last year a $500 million EDCF Framework Agreement, a grant in aid program for the Philippines for 2011-2013.
”We also look forward to more opportunities to learn from each other with the signing of the Framework Agreement on Grant Aid,” Majuca said.
With these strategies and intensified cooperation efforts, he said, the Philippines and Korea shall continue to partner together to bring economic development and growth to both our countries.
South Korean conglomerates have been aggressive in investing in the Philippines making Korea the Philippines second biggest in terms of number of registered with the Philippine Economic Zone Authority.
A total of 269 Korean enterprises are operating in various PEZA zones, constituting 3.89 percent of all local and foreign investors.
Net foreign direct investments from Korea increased by 184% in 2011 to $20.9 million, from $7.24 million in 2010. This level is higher than FDI from other Asian countries such as Indonesia, India, China and Singapore.
Meanwhile, approved Korean investments registered at P14.5 billion in 2011.
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By: Bernie Cahiles-Magkilat
Source: Manila Bulletin, March 22, 2012
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