Nov 29
Korea’s Advanced Management Development Association (AMDA) mulls a $400-million underwater cable that would link the Visayas and Mindanao power grid with supply coming from the Leyte geothermal power plant.
Cristino L. Panlilio, trade and industry undersecretary for trade and investments promotion, said the potential investment was facilitated by business and consulting firm ZMG Ward Howell.
There is also the potential of another underwater cable that would connect power from Batangas to Mindanao.
The company is expected to consult with National Grid Corp. of the Philippines if it decides to proceed with its plan, he said.
Panlilio has met with AMDA managing director Hyung soo Kim during the recently concluded Korean investment mission accompanying the visit of Korean president Lee Myung-Bak..
In addition, Panlilio said that water filtration company ANT (Advanced New Technology) 21 of Korea is also looking at working with water concessionaires in the country for the provision of clean water and sewerage treatment technology.
The company is eyeing for partnerships with Maynilad and other water concessionaires in other parts of the country.
With its in-depth experience in research and on-site consulting, ANT21has accumulated know-how in environmental technologies, especially in water treatment technology.
ANT21’s goal is to solve environmental problems using its accumulated know-how and to provide economic profits for businesses and agreeable environment for people.
ANT21 is exerting its best efforts to achieve these goals with service oriented mind set and unflinching determination.
Bilateral relations between the Philippines and Korea have never been this dynamic with both countries enjoying robust growth in trade, investments and tourism.
In terms of bilateral trade, both countries posted total trade of $9.3 billion in 2010 almost doubling the $5.2 billion level five years ago.
Annual trade of Korean firms also jumped more than five folds to $390 million in 2010.
In terms of investments, Korea has become the Philippines third largest country investor since 2009.
Hanjin Heavy Industries is the country’s biggest Korean investor with $1.9 billion for a shipyard facility in Subic freeport that is now employing over 20,000 people. Hanjin is now exporting ocean-going vessels to various firms.
Hanjin’s huge investment has catapulted the Philippines as the world’s fourth largest ship maker. Other Hanjin investments include Phoenix Semiconductor Philippines Corp., a local unit of Samsung Electronics.
In terms of tourist arrivals into the country, Koreans topped the list. There have been 610,000 Korean tourists in the country as of August this year. There are also a huge Korean community in the country numbering 120,000.
From the Philippine side, there are 350,000 Filipinos working in Korea.
