Phils-Korea Econ. Council
The Philippines-Korea Economic Council, Inc. (PHILKOREC) is a non-stock, non-profit corporation organized between the Philippines and Korea in June 1978 to promote friendship and economic cooperation between the two countries. PHILKOREC has a counterpart in Korea, the Korea-Philippines Economic Cooperation Council (KORPHILEC).
OBJECTIVES:
- To promote, in general, goodwill, friendship and understanding between the business communities of the Philippines and Korea, and in particular, to establish closer cooperation in areas which will enhance the growth and development of the Philippines.
- To promote and strengthen trade, tourism and economic cooperation between the Philippines and Korea.
- To establish and maintain channels of communication with its counterparts in Korea and with other agencies and organizations involved in or concerned with the promotion of Philippine-Korea economic relations.
- To organize or promote missions, trade or economic, and arrange receptions of visitors when considered proper and appropriate.
PHILKOREC has selected advisors, who all come from the top government ranks, and sixteen (16) officers and thirty-four (34) active members who are leaders in their own business fields.
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The Korea Trade Center (KOTRA) – Manila in cooperation with the PCCI is inviting interested parties to a One-on-One Business Meeting with the members of the Korean Trade Mission from Jeonbuk, Korea on 27 August 2010 from 9AM-6PM at the Rigodon Ballroom of the Peninsula Hotel, Makati City.
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NEDA Deputy Director-General Rolando Tungpalan said Yoon Tae-yong, Deputy Director-General of south Korea’s Ministry of Strategy and Finance, expressed his government’s willingness to increase aid for the Philippines over the next three years to 2013 through the Economic Development Cooperation Fund (EDCF).
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The Korean economy will likely expand 5.8% in 2010 and 4.7% next year on increased consumer spending and corporate investments, according to the Organization for
Economic Cooperation and Development (OECD).
In its latest outlook on the global economy, the OECD said it expects Korea to post the second-fastest growth this year among its member countries, after Turkey. The group expects Korea to grow 3.4% in 2010 and 3.7% in 2011.
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After initially keeping its eye on potential wind power development, Korea East-West Power Co. Ltd. (EWP) is exploring to expand its investment foray into the Philippines to include mini-hydro and liquefied natural gas (LNG) projects.
EWP President Lee Gil-gu said that for the mini-hydro projects, the partnership may continue with Alternergy Philippines Holdings Corp.
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Phil-Korean Renewable Energy Corp. plans to invest $72 million or about Peso 3.2 billion to put up a biomass power plant in Puerto Princesa, Palawan.
According to Phil-Korean Chair Lee Won-Gul, the company has started the construction of a 3-megawatt power plant last month, following the awarding of a renewable energy service contract by the Department of Energy (DOE).
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