80 Korean firms lured by CREATE MORE perks

A total of 80 South Korean companies graced the Road Show initiated by the Philippine government in Seoul, aimed at enticing more foreign investors following the signing of the implementing rules and regulations of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act into law (Republic Act No. 12066).

The CREATE MORE Roadshow, which transpired from 6 to 9 April, was spearheaded by the Special Assistant to the President for Investment and Economic Affairs, Secretary Frederick Go. It was co-organized by the Board of Investments (BoI), represented by DTI Undersecretary and BoI Managing Head Ceferino Rodolfo, and the Philippine Trade and Investment Center in Seoul, headed by Commercial Attaché Charmaine Mignon Yalong.

The CREATE MORE Act, which took effect on 28 November 2024, aims to generate jobs and spur economic growth, building on the earlier CREATE Act by enhancing the tax regime and incentive framework to attract both domestic and international investments, particularly in strategic industries.

The highlight of the mission was the Philippine Business Forum, co-hosted by the Philippine Embassy in Korea and The Korea Times on April 7, positioning the Philippines as a leading hub for investment among prospective Korean investors and showcasing the new incentives introduced under the said law.

Secretary Go underlined that the CREATE MORE Act is already demonstrating its impact, with ₱1.9 trillion ($33 billion) in investments recorded in 2024.

“It enhances the ease of doing business, reduces costs, and creates predictability — factors that boost confidence among you, our partners. Now is the time to create more — more investments, stronger partnerships, and greater opportunities for shared success,” according to Go.

Apart from the forum, a plenary session, sectoral presentations, panel discussions, and business-to-business (B2B) meetings were also conducted.

The Philippine delegates met with approximately 80 Korean companies engaged in EMS-SMS, EVs, high-tech agricultural manufacturing (AI solutions), and clean energy, including renewable energy value chains, logistics, and shipbuilding.

B2B sessions

During the B2B meetings, Philippine Economic Zone Authority (PEZA) Deputy Director General for Operations Vivian Santos met with PEZA-registered locator companies, including KC & A Corporation, engaged in logistics services, and HiTec RCD Philippines, Inc., engaged in logistics and export manufacturing of motion control solutions.

The meeting served as a valuable platform to address operational concerns and explore how the enhanced incentives under the CREATE MORE Act could support the companies’ current activities and potentially facilitate future expansion.

DDG Santos and the PEZA team also had the opportunity to visit Pyeongtaek on 8 April 2025, where they met with Korea SuperFreeze, one of Korea’s leading cold storage logistics providers.

The company delivers sustainable cold chain solutions to Asia’s food and pharmaceutical industries through a network of strategically located, large-scale, and smart cold storage facilities.

These facilities utilize LNG-powered systems and patented decarbonization technology, integrated with advanced third-party logistics hubs.

To date, South Korea is the fifth-largest foreign investor in PEZA, with a country investment portfolio of over ₱100 billion, around $1.6 billion in exports, and over 39,000 direct jobs created—making it one of the Philippines’ valued prospective growth centers.

“I am confident that the mission will open up more investment opportunities from South Korea and reap the benefits of CREATE MORE and the business-friendly environment that PEZA offers.

This successful mission in Seoul underscored the Philippines’ proactive efforts to attract more quality investments and strengthen economic ties with South Korea under the new Philippines-Korea Free Trade Agreement. Building on this momentum, the CREATE MORE Roadshow is set to continue in Taiwan, further expanding opportunities for strategic partnerships and sustainable growth,” PEZA Director-General Tereso Panga, for his part, said.

The PH-KR FTA entered into force on 31 December 2024, after it was signed in September 2023, aimed at strengthening trade and investment relations between the two countries.