BOC highlights reforms to attract Korean investments

MANILA, Philippines —  In a bid to attract Korean investments, Bureau of Customs Commissioner Ariel Nepomuceno recently highlighted the ongoing reforms in the BOC to improve the ease of doing business in the Philippines.

In a statement, the BOC said Nepomuceno recently attended the ADB: BOC-Invited Business Support Seminar hosted by the Korea Trade-Investment Promotion Agency, where he discussed the streamlined customs procedures, digitalization initiatives and strengthened stakeholder engagement.

The seminar was also an opportunity to discuss key areas relevant to foreign enterprises, such as customs and clearance processes, procurement policies, corporate finance and foreign exchange, as well as labor and taxation regulations.

The event was attended by representatives from 33 major Korean companies.

Also given significance at the event is the longstanding and growing economic partnership between the Philippines and the Republic of Korea.

In his message, South Korean Ambassador Lee Sang-Hwa underscored the importance of deepening trade and investment relations between the two countries.

Lee noted that South Korea remains one of the Philippines’ largest sources of investments, and reaffirmed the strong interest of Korean companies in expanding their presence in the country, reflecting continued confidence in the Philippine market.

For his part, Nepomuceno emphasized the BOC’s commitment to serve as a reliable partner to Korean companies.

“It’s my job to make sure that we will have a good understanding on how we can help each other, how BOC will be your partner, not your problem,” he said.

The BOC chief also assured them the bureau would help with the facilitation of their legitimate trade and address their concerns.