Makati City, Philippines – The Department of Trade and Industry (DTI), through the Construction Industry Authority of the Philippines – Philippine Overseas Construction Board (CIAP-POCB), and the Board of Investments, with the Commercial Section of the Philippine Embassy in Seoul, Korea received a delegation of twelve (12) Korean companies on 29 to 30 January 2018.
The Business Forum held on 30 January 2018 at the Sofitel Philippine Plaza gathered over a hundred distinguished government representatives and movers in the construction, infrastructure, and energy industries, led by DTI Undersecretary for Competitiveness and Ease of Doing Business Rowel S. Barba, Philippine Ambassador to Korea Raul Hernandez, ASEAN-Korea Center Secretary General Ambassador Young-sun Kim, and Republic of Korea Ambassador to the Philippines Dong Han Man.
Presenting opportunities in the Philippines were Board of Investments Director Angelica Cayas on Investments and Build Build Build Committee Chairman Anna Mae Lamentillo and PPP Director Frances Yani Domingo on the Philippine Government’s infrastructure projects. International Contractors Association of Korea (ICAK) Deputy General Tae-wan Kim and counterpart Philippine Overseas Construction Board Member Mr. Michael Robert Reyes were also in attendance. CIAP, though the POCB, endeavors to cultivate strategic ties with South Korea with the end in view of developing the construction industry of both nations.
One-on-One Business Meetings between Korean and Filipino companies followed the forum to discuss areas of collaboration on infrastructure, energy, and construction, both in the Philippines and in Korea.
Over dinner of Pampango cuisine, the Philippine Contractors Accreditation Board (PCAB), one of five implementing boards of the Construction Industry Authority of the Philippines, discussed the licensing and accreditation process for foreign construction companies under the Quadruple A category which allow firms with 100% foreign equity to participate in infrastructure projects in the Philippines. PCAB also discussed how South Korean firms may acquire a special license for singular/specific projects through consortium or joint venture with Filipino companies.
With the recently approved Quadruple A category of PCAB, the agency expects a surge in foreign investments in construction and infrastructure. Construction investments for the first to third quarter of 2017, amounted to PHP627.4B or USD12.5B, a 6.8% increase compared to the same period in 2016. Of this, 25.9% is attributed to Government infrastructure spending equivalent to PHP162.7B or USD3.3B and 74.1% or PHP464.7B(USD9.3B) from private construction activities. Government construction activities increased by 10.0% while private construction activities increased by 5.8% compared to same period in 2016.