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Philippines, South Korea sign $4.9 billion in trade, investment deals

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Dharel Placido, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/05/duterte.jpg"/><figcaption>Philippine President Rodrigo Duterte, speaks after a meeting with South Korean President Moon Jae-in, during a meeting at the presidential Blue House in Seoul, South Korea June 4, 2018. Ahn Young-joon/Pool via Reuters</figcaption></figure></div>MANILA - South Korea and the Philippines on Tuesday signed $4.9 billion (P257.2 billion) in trade and investment pledges on the sidelines of President Rodrigo Duterte&#x27;s official visit to the East Asian nation, officials said.These include one with Hyundai Motor Co, which signed a letter of intent to review plans to construct a vehicle assembly plant in the Philippines, officials said.The investment pledges could generate some 50,000 new jobs, Trade Secretary Ramon Lopez said in a televised briefing from Seoul.Duterte witnessed the signing of 23 business deals Tuesday before his scheduled departure for Manila.The President told a business forum in the Korean capital that he hoped the pledges would become &quot;actual investments.&quot;&quot;Your businesses are assured of protection and potential for profits,&quot; he said.On Monday, South Korea pledged up to $1 billion in official development assistance for the Philippines&#x27; infrastructure projects.<ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/news/06/05/18/south-korea-offers-1-billion-for-ph-infra-projects">South Korea offers $1 billion for PH infra projects</a></li>	<li><a href="http://news.abs-cbn.com/business/06/04/18/ph-s-korea-sign-deals-on-technology-port-project">PH, S. Korea sign deals on technology, port project </a></li></ul>

Hyundai Motor Co signed a letter of intent to review plans to construct a vehicle assembly plant in the Philippines, officials said.

Hyundai Motor Co signed a letter of intent to review plans to construct a vehicle assembly plant in the Philippines, officials said.

Philippines, South Korea sign $4.9 billion in trade, investment deals

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Philippines, South Korea sign $4.9 billion in trade, investment deals

Dharel Placido,

ABS-CBN News

Published Jun 05, 2018 04:06 PM PHT

|

Updated Jun 05, 2018 04:11 PM PHT

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South Korea

Philippines

Rodrigo Duterte

Hyundai

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