INQUIRER Global Nation

CEBU CITY, Philippines - REPRESENTATIVES from the business sector in South Korea are interested in putting up real estate projects in Cebu.

Chito M. Recamadas, head of the Cebu Chamber of Commerce and Industry (CCCI) delegation who went to Korea for a trade mission last month, said Koreans are already confident in putting up investments in Cebu noting its reputation as a premier tourist destination.

“We just promote Cebu companies and products to them. Cebu is already known to Koreans as honeymoon city,” he told reporters in a press conference.

He said Koreans continue to be upbeat on investing in Cebu noting the province's “good peace and order status, nice beach resorts and friendly people.”

“They really want to invest on real estate...may it be residential, commercial or building a resort. Their problem is only on the ownership,” said Recamadas, who is also manager of health insurance company, IntelliCare.

Under the 1987 Constitution, 60 percent of companies should be Filipino-owned. Only 40 percent can be owned by foreign stockholders.

Recamadas said 16 members from CCCI and Cebu Educational Development Foundation for Information Technology (Cedf-it) joined the trade mission from April 21 to 24.

He said Cebuano businessmen met with representatives of Korea Importers Association, Korean Trade Association and the Korean Chamber of Commerce and Industry.

Prospects are also positive for companies offering health and wellness services in Cebu with the influx of Korean students in Cebu to study English.

“I understand there are 15,000 Koreans who are now based in Cebu. It is one market we would like to tap for health insurance,” Recamadas said.

Recamadas said Koreans also want to see retirement houses established in Cebu to cater to their older population.

During the trade mission, business matching and initial alliances were established among Cebuano businessmen and their Korean counterparts.

“We will continue to exchange e-mail updates on our products and services,” he said adding that a group of Korean businessmen is scheduled to visit Cebu in October 2008.

Recamadas said Augusto Go, honorary consul of South Korea to Cebu and Charlie Shin, president of Cebu Korean Association helped them during the trade mission. /Reporter Cris Evert B. Lato