The Mindanao Development Authority (MinDA) has successfully positioned the southern Philippine region as the country's next major economic frontier by securing five strategic partnerships with leading South Korean corporations. The Memoranda of Understanding (MOUs) were formally signed during the Philippines–Korea Business Forum and Networking Session held on December 10, 2025.
Opening Mindanao's Doors to Global Capital
Speaking at the forum, MinDA Chairperson Secretary Leo Tereso A. Magno delivered a powerful message from the Marcos administration to Korean business leaders. He emphasized the government's directive to roll out a red carpet, not red tape, for all interested investors. "We invite you to make Mindanao your next investment destination," Magno stated, reflecting the national strategy to reduce regulatory hurdles and foster job-creating partnerships that bolster regional development.
Diverse Sectors for Sustainable Growth
The newly inked agreements span a wide array of industries, moving beyond Mindanao's traditional agricultural and mining base. This diversification underscores the region's expanding economic profile and long-term potential.
The five partnerships include:
- JSCO Holdings Inc.: Exploring a large-scale nickel processing venture potentially involving a smelter and downstream industries to add value and create jobs.
- REFLOMAX Co., Ltd.: Focusing on traffic management and personal safety technologies to modernize infrastructure.
- CHUNGWOO E&E Co., Ltd.: Partnering on water treatment and disaster prevention facilities to improve clean water access and resilience.
- SSKK Solution Co., Ltd.: Committing to environmental consulting, renewable energy development, and greenhouse gas reduction programs.
- Hanchang Energy Co., Ltd.: Pursuing solar power generation and related infrastructure to diversify Mindanao's energy mix.
Strong Bilateral Ties Underpin Deals
Philippine Ambassador-Designate to South Korea Bernadette Therese Fernandez highlighted the robust economic relationship between the two nations. She noted that Korea is the top source of foreign tourists for the Philippines and its 4th largest trading partner in 2024, with total trade reaching USD 9.89 billion. Furthermore, South Korea ranks as the Philippines' fifth-largest development partner, with USD 1.33 billion in active loans and grants.
MinDA Deputy Executive Director Romeo Montenegro reinforced that Korean firms remain among the leading foreign investors in the country. The optimism was echoed by Korean executives like Wee Yong-ho of JSCO Holdings, who praised Mindanao's "exceptional incentives" and encouraged more partners to explore opportunities.
Local Showcase and Future Momentum
The Seoul event also provided a platform for local Mindanao leaders to pitch directly to investors. Governors Nilo Demerey Jr. (Dinagat Islands), Edwin Jubahib (Davao del Norte), and Henry Oaminal (Misamis Occidental) presented unique business and tourism prospects from their provinces.
Looking ahead, Secretary Magno revealed plans to scale up MinDA's investment programs in 2026, backed by increasing funding from international partners like the European Union, ADB, and JICA. He cited recent grants, including two separate US$10-million packages for the Tawi-Tawi seaweed industry and development in the Bangsamoro region.
With improving economic indicators such as easing inflation and declining poverty, these Korean partnerships signal tangible progress in transforming Mindanao into a key driver of the Philippines' future economic growth.
