Philippines LCS Group to invest more in Korea tourism

The Philippines LCS Group of Companies plans to expand investment in South Korea’s tourism as the Northeast Asian country is expected to attract more travelers from the globe once the COVID-19 subsides, its chairman said.

The group last week agreed to join a $1.7 billion resort development project in South Korea with an investment of up to $100 million. The Mangsang District 1 Development Project in East coast Free Economic Zone (EFEZ) includes construction of resort centers and ocean complexes in Donghae city, about 260 km east of Seoul.

Louis Chavit Singson, LCS Group Chairman, told Market Insight, the capital news outlet of The Korea Economic Daily, that it will invest more in South Korea’s tourism sector starting with the project.

“It is the 20th most visited country globally. Although everyone in the world has been affected by the Pandemic, it is never too early to prepare for its re-opening,” Singson said in an interview at LCS Group Korea office in Seoul.

Singson said the Korean wave - the popularity of the country’s cultural economy exporting pop culture, entertainment, music, TV dramas and movies – will attract visitors from the world again.

TO DEVELOP MANGSANG INTO HAWAII IN NORTHEAST ASIA

LCS Group aims to develop the Mangsang district into Hawaii in Northeast Asia, utilizing growth potential of the coastal area, Singson said.

“I see a lot of potentials in this economic zone. First of all, geographically and strategically it is located on the coastline with accessibility to neighbor countries Japan, Russia and North East China,” the Filipino tycoon said. “Clean ocean, green forest, the best air quality in Korea and highly developed technology of Korea will bring the vision comes true which makes this economic zone to sustainable tourism complex.”

The group plans to build hotel and resort, as well as residential buildings in the district.

“We will develop hotels and resorts along the coast and have already begun talks with the big hotel brands to infuse value and prestige into the economic zone. Ultimately, along with fundamental of the EFEZ, we will bring sustainable growth to the tourism complex.”

LCS Group focuses on property developments in the Philippines. But the group also works on other sectors such as mining, transportation, defense, logistics and telecommunication towers. The value of its real estates across the Southeast Asian country including Manila mounts to about 2 trillion won ($1.7 billion), while its gold mines are estimated at around 2.5 trillion won, according to the group.

COOPERATIONS WITH KOREAN COMPANIES

The group is cooperating with more South Korean companies. It invited Hyundai Engineering & Construction, Hyundai Engineering Co., Korea Investment & Securities Co., Hyundai Asset Management Co. and Meritz Financial Group to the Ortigas development project, for example. The project includes constructions of apartments, hotels and office buildings in Manila.

It also signed a deal with Genesis BBQ Group for a chicken franchise business in the Philippines.

Singson stressed the group will expand cooperation with South Korean companies for business in the Philippines. It is in talks with Bosung Powertec Co. and other firms in the Northeast Asian nation for electric and telecommunication business as well as new growth sectors at his home country.

“Because Korea is a world leader in high technology, we are in talks with several Korean companies for our Aerospace & Defense projects, as well as for our Digital banking projects,” he said.

Singson is serving as the mayor of Narvacan, Ilocos Sur, and the president of league of munipalities of the Philippines. He was the governor of the province of Ilocos Sur.

Write to A-Young Yoon at youngmoney@hankyung.com
Jongwoo Cheon edited this article.