THE Department of Trade and Industry (DTI) said South Korean companies led by Lotte Group are planning food service and retail investments in the Philippines.
In a statement on Wednesday, the DTI said it heard expressions of intent from the Korean companies at a May 19 meeting.
“Central to the discussion were the South Korean firms’ plans to leverage their operational expertise and advanced retail models to contribute to the Philippines’ economic growth,” the DTI said.
“These companies aim to invest in joint ventures, master franchise agreements, and localized operations that will generate employment, strengthen supply chains, and modernize retail distribution in the country, progressing beyond exporting their brands,” it added.
It said Lotte Group’s restaurant service arm, Lotte GRS, is preparing to launch its Lotteria flagship brand in the Philippines.
“It is targeting at least 30 store openings across five years. This initiative has a strong focus on local sourcing and workforce development,” the DTI said.
Another potential investor outlined plans to introduce modern convenience store formats following successful tests in Vietnam and Mongolia.
The DTI said this potential investor committed to 95% local sourcing,.
“These include fresh items such as fruits, vegetables, sandwiches, and salads,” it said, adding that the potential investor expressed interest in digital commerce platforms and last-mile delivery services.
“In addition to food service and retail ventures, South Korean firms are also exploring opportunities in restaurant expansion and import-export channels for Philippine agricultural and seafood products,” the DTI said.
“One company, which recently signed a partnership with a Philippine firm, is set to open its first store in Manila by August,” it added. — Justine Irish D. Tabile