A delegation from the Department of Agriculture (DA) visited the Korea Agricultural Machinery Industry Cooperative (KAMICO) in South Korea to explore investment opportunities and coordinate policies for the planned 20-hectare Korea Agriculture Machinery Industry Complex in Nueva Ecija.
Agriculture Secretary Francisco Tiu Laurel said the project plays a crucial role in realizing President Ferdinand Marcos Jr.’s vision of a modernized Philippine agriculture, “one that ensures food security and uplifts the lives of our farmers.”
“It will also attract foreign investments, generate jobs, and transfer newer technologies,” he said.
The delegation discussed the package of investment incentives the Philippine government offers to foreign investors under the CREATE More Act, involving a six-year income tax holiday and a reduced corporate income tax rate, from 25 percent to 20 percent, for qualified projects.
The delegation also tackled land lease concerns, particularly the rental cost for the Cabanatuan City site.
The DA pledged to coordinate with the local government to establish a fair rental rate acceptable to both investors and the LGU, ensuring the smooth rollout of the project.
Meanwhile, KAMICO requested a follow-up meeting with the Department of Trade and Industry (DTI) in Manila to finalize details and assess the benefits for their member companies.
In a separate meeting, the delegation met with Tong Yang Moolsan (TYM), a leading South Korean agri-machinery firm with over 70 years of industry experience.
Known for its customized tractors and specialized equipment, TYM has participated in Philippine agri-machinery roadshows and supplied machinery under the Rice Competitiveness Enhancement Fund (RCEF), in partnership with the Philippine Center for Postharvest Development and Mechanization and DA Regional Field Offices.
The DA asked TYM to develop machinery suited for high-value crops such as coffee, cacao, onion, and coconut, taking into account the Philippines’ diverse agricultural landscape.
The DA also visited Asia Tech, a South Korean firm known for its innovative machinery for rice and high-value crops.
Asia Tech expressed its intention to participate in the initiative by sourcing local materials for machinery production.
The company also committed to tailoring its equipment designs to match local agricultural conditions, enhancing efficiency and effectiveness for Filipino farmers.
