The unique Korean food has also captured the taste of Filipinos. The initial
hesitation about Korean food has now been replaced with great appreciation. K-Pop is
pop music originating from South Korea that has since captured the ears of music lovers
the world over.
If the growth of the Philippine economy is sustained and a better investment
environment is promoted by the next administration, it is expected that Korean
investments will expand even more over the next few years.
Regarding the official development assistance (ODA), Korean aid has also been
increasing during the past years. According to National Economic and Development
Authority statistics, South Korea has a total ODA of $608.72 million in 2013, comprising
of $524.76 million in loans and $83.96 million in grants. Loans are administered by the
Korea Export-Import Bank, while technical assistances and grants are through the Korean
International Cooperation Agency. It is expected that the total Korean ODA to the entire
Asian will double this year, as the Republic of Korea has vowed to assist to narrow the
development gap among member-countries.
South Korea and the Philippines, through President Park Geun Hye and President
Aquino, committed to further strengthen the economic partnership of the two countries in
December 2014 during their bilateral meeting at the sidelines of the 25th Commemorative
Summit of the Association of Southeast Asian Nations, and the Republic of Korea in
Busan, South Korea. This augurs well for the growth and prosperity of both countries.
(Aldaba, 2015)
Boosted tourism. Beyond kimchi, K-pop, and Koreanovelas, Koreans were
becoming a ubiquitous presence in the Philippines with tourist arrivals estimated to reach
the one million mark by yearend, up by 30 percent from 2010.
Also, according to Korean Ambassador to Manila Hye Min Lee, Koreans are
studying or working in the country now number more than 100,000. “More than 740,000
Koreans visited the Philippines in 2010, ranking Korea as the top tourist arrivals. This
year, a million Koreans will be visiting the Philippines, an increase of 30 percent compared
to last year,” Lee added. According to him, some 115,000 Koreans are residing in the
Philippines, drawn by practical living in the country, English-speaking locals and a shared
history and values.
Review of Related Studies
