Trade and Industry Secretary Gregory Domingo said that the aim of a big Korean firm to enter the telecommunications sector of the country is still not possible at present.
“There’s none [of transactions at present]. All [telecommunications firms in the country]have partners and are committed already,” Domingo said.
He said there is “little possibility” but the Korean firm will “have a hard time” to find partners and fully enter the telecommunications industry of the country.
He added there are still no transactions made, and the plan of the Korean firm is only mentioned to him by Korean representatives in the last Korean trade mission in the country last week.
Earlier, Thomas Shinn of Korean manufacturing firm Hanshinn Services Corp., said as a representative of the Korean trade mission in the Philippines that a big Korean conglomerate is currently seeking partnerships to enter the telecoms sector of the country.
Hanshinn said that the Korean firm is not to be named at the moment because no transactions have been made yet.
Aside from telecommunications, Korean companies are also interested and eyeing importing more agricultural products from the Philippines, and also establishing manufacturing units, mostly in aluminum foil making and food processing.