THE constitutional prohibition against foreigners owning properties and businesses in the Philippines are preventing more Koreans from investing in Cebu.

A recent trade mission by the Cebu Chamber of Commerce and Industry (CCCI) to Seoul, South Korea, revealed that Cebu is already popular with Koreans.

“They all know Cebu as the honeymoon city of the world. That is a credit to our tourism-marketing efforts there,” said mission chairman Chito Recamedas of health-maintenance organization Intellicare.

The CCCI group had business matching from April 21 to 24 sessions with the Korean Import Association, the Korean Trade Association and the Korean Chamber of Commerce and Industry.

According to Recamedas, the Koreans are interested in investing in the tourism industry, English schools for Koreans, retirement homes and in the health sector. The Koreans are also interested in real estate for resorts and residential projects, the automotive import industry and marine agriculture.

“Their biggest problem is, they are not allowed to own properties in Cebu. It has to be 40-60 in favor of Filipinos,” Recamedes said.

The biggest Korean investments in Cebu are the P15-billion 200-MW power plant of Kepco Philippines and the P3-billion, 700-room Imperial Palace Waterpark Resort & Spa.

The two projects are still under construction. “Koreans like Cebu because the resorts are very near the city. The people are also very friendly and speak very good English,” Recamedas said.

FOREIGN businessmen in the country are dissatisfied with the 2008 Investment Priorities Plan (IPP) that was approved by the Cabinet as they believe it was not target-oriented and specific enough to be really effective as an investment-promotions tool.

THERE are more women managers than male managers in the Philippines.

This was revealed by Carmelita Ericta, administrator of the National Statistics Office, when she spoke at the “Advocacy Forum on Gender Statistics” held Tuesday at the National Economic and Development Authority in Makati.

AMID brewing debate over high power rates, the militant Bagong Alyansang Makabayan (Bayan) urged a government audit of the Manila Electric Co. (Meralco) aside from a recommendation of removing the value-added tax (VAT) on power rates and the scrapping of the system-loss charge of distribution utilities if the government really wants public consumers to be unburdened from high power rates.

THE Department of Agriculture (DA) will spend P90 million for a restocking program for backyard raisers and massive vaccination of sows in Luzon to prop up the supply of hogs in the region.

DAVAO CITY—China’s dismay with the national government maze of policy requirements for foreign investment may open up wider avenues to local governments, said Mayor Rodrigo Duterte, who has pinned hope on Chinese investment to rev up the local economy.

THE constitutional prohibition against foreigners owning properties and businesses in the Philippines are preventing more Koreans from investing in Cebu.

OFFICIALS of New Caledonia, a nickel-rich French territory, are in the country to seek economic cooperation with the Philippines to augment its needs for human resources for the establishment of another $4-billion nickel plant and other infrastructure requirements.