PHL, South Korea Expand Cooperation and Strengthen Trade in Priority Sectors

The Philippines and South Korea agreed to further develop supply chain, energy cooperation, and expansion of trade and investment during the second meeting of the Joint Commission on Trade and Economic Cooperation (JCTEC) held in Seoul on 18 October 2022.

Department of Trade and Industry (DTI) Undersecretary and Board of Investments (BOI) Managing Head Ceferino Rodolfo affirmed the vital role of the JCTEC in boosting the relationship between the Philippines and Korea. “From our inaugural meeting in 2019, significant strides have been taken to deepen our trade and investment relations and our long-standing partnership. We now have a free trade agreement on the horizon, which is yet another testament to our shared vision of achieving mutually beneficial outcomes for our countries.”

Further citing the Philippines as a valuable trade and strategic partner of South Korea, Deputy Minister Dae-jin Jeong of the Ministry of Trade, Industry and Energy (MOTIE) underscored the JCTEC as a platform to review and discuss ongoing trade concerns and areas of interest for bilateral partnership. “The Philippines is the first country in ASEAN to establish diplomatic relations with Korea, and through the JCTEC, we hope to strengthen cooperation and expand trade and investment ties.”

On supply chains, both sides agreed to maximize areas for complementation in green metals and related industries such as electronic vehicles and semiconductors, focusing on building stable and sustainable supply chains for critical raw materials for production and manufacturing.

“We are positioning the Philippines as a key player in the supply of critical minerals given our vast resources of green metals such as nickel, cobalt, and copper – inputs for the production and manufacture of electronic goods and batteries for electric vehicles. With Korea’s manufacturing capabilities especially in electronics, we hope to pursue a meaningful partnership in this area,” remarked Undersecretary Rodolfo.

Echoing the Philippines’ interest, Deputy Minister Jeong enjoined both countries to work together to pursue said endeavor. “We will engage in technical discussions to pursue our strategic partnership through the proposed Memorandum of Understanding (MOU) on core raw materials and critical supply chains cooperation. The Philippines ranks tenth worldwide in terms of mineral production and is especially rich in nickel, chromium, and copper.”

Meanwhile, on energy cooperation, aligned with the need to respond to climate change challenges amidst ongoing global initiatives towards carbon neutrality, both sides committed to establish a cooperation-based mechanism on renewable energy, energy efficiency, and nuclear power.

On the expansion of trade and investment, the two nations acknowledged the continuing efforts of both sides in enhancing market access of key products, including the signing of the Philippines-Korea Free Trade Agreement (PH-KR FTA) targeted in 2023. Activities to promote the utilization of the FTA through seminars and information sessions were also discussed. Further, in support of industrial initiatives, they agreed to maintain active engagement on ongoing Official Development Assistance (ODA) projects and to explore other areas for complementation such as collaboration related to the Philippines’ PUV modernization program.

The meeting also highlighted the importance of regional mechanisms in building towards mutual economic gains, among which is the Indo-Pacific Economic Framework for Prosperity (IPEF). In September 2022, the Philippines and South Korea joined other IPEF partners in endorsing the statements for the four pillars on Trade, Supply Chains, Clean Economy, and Fair Economy.

The second meeting of the Joint Commission on Trade and Economic Cooperation (JCTEC) was co-chaired by Undersecretary Ceferino Rodolfo and Deputy Minister Dae-jin Jeong of the Ministry of Trade, Industry and Energy (MOTIE).

First established in 2013, the JCTEC serves as the primary mechanism of both countries to pursue economic cooperation and trade and investment initiatives. The inaugural meeting of the JCTEC was held in June 2019 in Seoul, South Korea.

The Philippines views the JCTEC as a platform to better identify opportunities, coordinate and streamline activities of shared interest leading to targeted benefits and productive outcomes especially in trade and investments. Once the FTA is in place, the Philippines envisions that the comprehensive scope of its ECOTECH chapter will ensure that both sides will continue to benefit from complementation in priority sectors and areas, especially in manufacturing and infrastructure.

South Korea is the Philippines’ 5th largest trading partner, 8th largest export market and 3rd largest import supplier in 2021. In the same year, South Korea ranked 6th in terms of approved investments, with notable investment activities in construction, real estate, manufacturing, and accommodation and food service.

Sign to Domino - Full Catalogue Available Digitally for the First Time Ever

Domino are immensely proud to announce the signing of my bloody valentine, with the band’s seminal catalogue being made available digitally in full for the first time ever as of today. New physical editions for each release will follow on 21st May 2021 and are available to pre-order now.

Isn’t Anything and loveless have been mastered fully from analog for deluxe LPs and also mastered from new hi-res uncompressed digital sources for standard LPs, with each being made available widely for the first time ever. Fully analog cuts of m b v will also be available on deluxe and standard LPs globally for the first time.

LISTEN TO MY BLOODY VALENTINE HERE

my bloody valentine, the quartet of Bilinda Butcher, Kevin Shields, Deb Googe and Colm Ó Cíosóig, are widely revered as one of the most ground-breaking and influential groups of the past forty years. During an era in which guitar bands denoted, at best, a retro-classicism, not only did my bloody valentine sound unlike any of their contemporaries, the band achieved the rare feat of sounding like the future.

With their debut album, Isn’t Anything (originally released in 1988), my bloody valentine revolutionised alternative music and heralded a new approach to guitar music for generations to come. The album birthed a sound which became a template for thousands of new subgenres, heralding a new approach to guitar music and studio production. Not only was it a new type of music, it paved the way for a new type of journalism; inciting comparisons to elemental phenomenon, tapping into how the music affected the psyche. Shields and Butcher frequently sang in a similar vocal range that allowed their voices to blend together. This had the effect of making their gender indistinguishable, to the point where their voices could be used as another melodic layer to complement the vertigo-inducing sounds made by Shields’ guitars.

The second my bloody valentine album, loveless, was released in 1991. Musically, it took an unexpected leap forwards, standing ahead of anything released at the time. Shields and the band moved further towards a music of pure sensation, creating textures and tones that could be felt as much as heard; with loveless the band created an album that overwhelmed the senses. loveless is widely considered a flawless whole and rightly regarded as a masterpiece; a 1990s equivalent to Pet Sounds, In A Silent Way or Innervisions, a record constructed by exploring the edges of what a recording studio is capable of. It is a record best experienced as a whole, in one sitting - a listening experience like no other and unmatchable in its sonic brevity.

ep’s 1988-1991 and rare tracks compiles the group’s four EPs, wherein many of their devoted fans’ favourite music lies. You Made Me Realise and Feed Me With Your Kiss both preceded the band’s debut album in 1988 in quick succession. In the gap between Isn’t Anything and loveless, the band released two further EPs; Glider (1990) and Tremolo (1991).

Finally re-emerging in 2013 after two full decades in relative hiding, their third album m b v is by turns their most experimental record but also their most melodic and immediate; proof real of their unerring desire for re-invention. Continuing to push boundaries of both music and genre, m b v is an album of astonishing music, some of which could lay claim to being of a type never been made before. Otherworldly, intimate and a visceral listen, m b v is a startling and beautiful metamorphosis of what was known of the my bloody valentine sound, pushing the boundaries of genre unlike any other band. The album’s closer, “Wonder 2” is an example of this, seeing Shields meld hypnotic guitar with drum’n’bass to astonishing result.

Isn’t Anything (REWIG158), loveless (REWIG159), ep’s 1988-1991 and rare tracks (REWIG162) and m b v (REWIG160) are available to pre-order in limited edition bundles via the mbv store HERE and Domino Mart HERE.

LBC and JOINENJOY Partnership Made Korean Visa Processing More Seamless

LBC is proud to announce that JOINenJOY/Island Resort Club (IRC) Tour Services, an established pioneer in Philippine tourism, has chosen to partner with LBC. 

JOINenJOY (IRC) specializes in both inbound and outbound Korea-Philippines tourism and is the sole general sales agent in the Philippines of JejuAir, one of the leading low-cost carriers from Korea. In 2018, JOINenJOY (IRC) was accredited to handle Korean Visa processing by the Korean Tourism Organization and the Korean Embassy in the Philippines. Immediately after, JOINenJOY (IRC) offered an exclusive tie-up with LBC to ensure they have a solid ally in their move towards growth and success. 

Last May, LBC and JOINenJOY (IRC) have formalized their partnership through a Memorandum of Agreement signed by Oliver Valentin, EVP – COO (Philippines), LBC Express Inc., Karen Alcazar, Senior Manager for PH Retail Operations, LBC Express Inc., Eduardo Ibazeta, Money Sales Manager (Domestic), LBC Express Inc., Robert Hyok Choi, President and CEO of JOINenJOY (IRC), and Mingyu Song, Country Manager, JejuAir. This means that Filipinos who wish to travel to Korea may now go to their nearest LBC branch to send their Korean Visa requirements. Applicants just need to pay for their JOINENJOY/IRC Korean Visa applications thru LBC and their Visa Requirements are delivered for free. With this, Korean Visa applicants of JOINENJOY/IRC will now gain access to LBC’s vast nationwide network of branches and can now experience the convenience and superb service that LBC provides for free. 

JOINenJOY (IRC) is confident that with LBC as a partner, their services will help ease lives of both old and new customers. Robert Hyok Choi - CEO/President of JOINenJOY (IRC) says, as one of the designated travel agencies of the Korean Embassy that can handle Visa Application, their goal is simple: to provide Filipinos an easier access to Korea. He recounts: “Before, the process of applying for a Korean visa is not easy because there are a lot of documents that need to be submitted- from application forms to ITR and bank statements. The Korean Embassy found out about this difficulty and designated agencies such as ours to handle group and individual visa application. But later on, we found out that those who are in the provinces still have a hard time submitting their visa applications. For this reason, we decided to partner with LBC. Given that they have 1400 outlet, it will be easier for the Filipinos nationwide to apply for a Korean Visa. Now the process is simple. All passengers have to do is go to any LBC, submit documents, then pay the tourist VISA processing fee amounting to Php700”.

LBC’s Oliver Valentin, EVP – COO (Philippines), meanwhile, is excited to work with JOINenJOY (IRC) saying: “We expect that this partnership will be nothing less than fruitful considering that we share JOINenJOY (IRC)’s goal.”

For more information and promotions please visit http://­www.joinenjoy.com.ph/­tour/­korea-visa-process/ or contact JOYENJOY/­IRC via email at visa@joinenjoy.com.ph or call 708-2000 Loc 106/110.


ABOUT LBC

LBC is the Philippines’ market leader in retail and corporate courier & cargo, money remittance, and logistics services. With a growing network of over 6,400 branches, hubs & warehouses, partners, and agents in over 30 countries, LBC is committed to moving lives, businesses, and communities and delivering smiles around the world. Listed in the Philippine Stock Exchange through LBC Express Holdings, Inc., LBC aims to deliver value to all of its stakeholders, as it has for over 60 years. Founded in 1945 as a brokerage and air cargo agent, LBC pioneered time-sensitive cargo delivery and 24-hour door-to-door delivery in the Philippines. Today, it is the most trusted logistics brand of the Global Filipino. LBC can move it for you: visit www.LBCexpress.com, or call telephone +632 8585 999 (Metro Manila), 1 800 10 8585 999 (Provincial), +632 9086 522 (Solutions) and follow LBCExpress (Facebook and Twitter).

PH Visit to South Korea Raises USD 4.8B Investment Pledges, 50,800 Jobs

The Philippine (PH) business delegation and South Korean counterparts signed a total of USD 4.8B-worth of investment pledges and business expansion intentions during the PH-Republic of Korea (ROK) Luncheon and Business Forum on 5 June 2018. These agreements are estimated to generate 50,800 employment opportunities in the country.

The Department of Trade and Industry (DTI) led the event signing, which gathered over 400 business delegates from both countries and comprising of new operators as well as subsidiaries of conglomerates operating in the country.

DTI reported that the 22 signed business agreements-- six Memoranda of Understanding (MOUs) and 16 Letters of Intent (LOIs) -- were presented to President Rodrigo Duterte during his visit in South Korea.  These are in addition to the five MOUs signed between the governments of the Philippines and South Korea.

The business agreements cover expansion intentions for operations on power infrastructure development (offering 2,200 jobs), engineering and construction (2,000 jobs), solar power (1,000 jobs), electric automobile business operations (10,000 jobs), wind power plant (10,000 jobs), dredging and port rehabilitation (100 jobs), freshwater eel production (50 jobs), and real estate development (1,500 jobs).

Trade and Industry Secretary Ramon Lopez met with South Korean companies seeking to invest in the country. Investment pledges include automotive, public utility modernization, liquefied natural gas (LNG), coal-fired power, engineering, construction, sea offshore services, food, and aquaculture

Hyundai Motor Co. (HMC) expressed its intention to participate in the PUJ modernization program by providing environmental-friendly automobile technologies. HMC proposed a mid-term and long-term investment plan to construct an assembly plant in the country for passenger vehicles.

Meanwhile, SK Energy and Services is keen on investing in LNG and power infrastructure development and operation, as well as LNG trading. The company is also looking expanding its business activity on city-gas distribution in the country.

POSCO Engineering & Construction Co. Ltd. intends to expand its operations in PH valued at USD 200 million and expected to generate over 2,000 jobs.

According to Sec. Lopez, the wide-range of business agreements also reflect small and medium enterprise (SME) assistance from South Korea.

Taeseong Kimchi Company expressed their plans to expand its kimchi food production in the country, which would open 20,000 employment opportunities. Further, the company will apply an inclusive business model that seeks to engage with local farmers from Benguet for its operations.

Other expansion intentions came from various South Korean companies, including BKS Energy Industry Ltd., Phillips Holdings Co. Ltd., SY ENC Co. Ltd., Jungheung Construction Co., Ltd., JS Development Co. Ltd., PNK Aquaculture and Trading, and Andamiro Corporation.

During the bilateral meeting between the two governments, discussions on the establishment of the Joint Commission for Trade and Economic Cooperation (JCTEC) were opened as well as the possibility of a Preferential Trade Agreement for the lowering of South Korean tariffs on PH agricultural products.

Both governments also agreed on furthering agricultural, science and technology, as well as security cooperation.

Sec. Lopez, Department of Finance (DOF) Secretary Carlos Dominguez III, and Department of Agriculture (DA) Secretary Emmanuel Piñol gave the business delegation a comprehensive economic and investment briefing. The Cabinet Secretaries provided actual figures and situationers of the country’s business environment.

“The Philippine government is committed in widening its trade engagements with other nations under President Rodrigo Duterte’s independent foreign policy. With the South Korean business community as our partner, we are confident of making progress with government initiatives like the “Build, Build, Build” infrastructure program, and the thrust towards developing Micro, Small, and Medium Enterprises (MSMEs),” said Trade and Industry Secretary Ramon Lopez.

Four LOIs between South Korean companies and the Cagayan Economic Zone Authority (CEZA) were signed, indicating collaborative efforts in rehabilitating and modernizing the economic zone through reclamation and initiatives related to fintech, blockchain technology education, tourism, gaming, and other related business activities.

“Our next goal now is to ensure that these investment pledges and job opportunities will materialize, and allow us share the economic gains of the country, especially to those at the bottom of the pyramid,” Sec. Lopez added.

On the MOUs signed, the Philippine Chamber of Commerce and Industry (PCCI) and Philippines-Korea Economic Council (PHILKOREC) came up with an agreement with KBIZ for an exchange of information on commerce, industry, and trade opportunities focusing on small, medium enterprises. Likewise, PCCI inked an agreement with Korea Importers Association (KOIMA) for the promotion of trade, economic, scientific, technological cooperation, and other business relations.

In the field of die and mold industry, Philippine Die and Mold Association (PDMA) signed an MOU with Korea Association of Machinery Industry (KOAMI) to create a pool of manpower trained in die and mold designing, making, processing, assembly, and other related courses.

Meanwhile, South Korean’s DaeKyung Engineering Co., Ltd. sealed an MOU with Philippine Utility Vehicle Inc. (PhUV) for a joint development and promotion of green business in the country, as well as smart grid and electric vehicles. DaeKyung will also explore the co-development and co-assembly of the modern electric vehicle prototype by providing the powertrain and other parts.

*This is Press Release