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17 Aug 2007
Tourism gets big slice of P61-B Korean investments in RP
Philippine Cities Trade and Tourism Information Service General Info
Korean investments in the Philippines have surged to more than $1.3 Billion or over P61 Billion over the past two years, including the first quarter of the current year when total foreign arrivals reached a record high of almost a million, with Koreans accounting for the biggest bulk.
Tourism Secretary Joseph Ace Durano said these investments included at least 10 projects worth $35,865,000 or P1,826,655,000 in hotels and restaurants alone, the second biggest capital drawer after warehousing.  This amount, according to Durano, does not include other tourism-related ventures falling under construction, real estate, wholesale and retail, and service-oriented projects, which aggregate to some $63,363,000 or P2,978,061,000. “The phenomenal investments in tourism can be attributed largely to the increasing number of Korean tourists and retirees who account for a big portion of the investors’ captive market,” Durano pointed out. “It is, therefore, strategically important for the Department of Tourism (DOT) to attract more Korean tourists and retirees so as to keep these dollar investments coming,” Durano added. The P61 Billion total investments covered 21 projects in manufacturing, 15 in construction, 13 in real estate, 28 in services, 11 in wholesale and retail, 8 in warehousing, and seven in others. The figures from the Korean Exim Bank, with which Korean companies must register their foreign direct investments abroad. Among the foreign retirees in the Philippines, the Koreans account for the third biggest group, numbering 3,225, after the 3,690 Chinese and 3,241 Taiwanese.        The benefits of Korean presence are far reaching since they are practically all over the Philippines, making dollar investments from tourists and investors reach even the countryside and other remote areas.
By: Philippine Star, 17 August 2007
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