A tripartite partnership among a Korean firm and two Filipino companies here is expected to boost the economy by building a retirement community for Korean nationals.
Cho Sang-sub, chair of the Korea Golf Leaders Association; SBK Construction, represented by lawyer Joe Kenneth Arbas; and Perpetual Help Community Capital, Inc. (PHCCI), represented by Chief Executive Officer Cliffordson Lariosa, signed a memorandum of agreement for the venture here Thursday afternoon.
Arbas said the Korean firm is planning to bring in more than 1,000 Korean retirees, with housing units to be built in this capital and in the towns of Valencia, Dauin, and San Jose.
This will also cater to tourists and transients who may later decide to stay for good, he added.
In the long term, the project plans to include the construction of a nursing home and a hospital.
Cho, through interpreter Kang Kyung-soo, said the areas he visited would be an ideal location for a Korean retirement community.
The interpreter said Cho is also part of a Korean firm investing in the new airport project in nearby Bacong town.
Kang, who has lived here for about 17 years, said he introduced Cho to PHCCI and was impressed with its commitment to serving the people through different programs and projects.
Meanwhile, Lariosa, who also leads the PHCCI cooperative, said this is part of their efforts to find partners to boost their capital and investments.
“We see it as an opportunity to increase our earnings potential and bring dynamic benefits to the city of Dumaguete,” he said.
According to him, the Korean company wanted to purchase the PHCCI’s Orient Woods housing project, but all 550 units have already been sold out.
Lariosa expressed confidence in Cho’s ability to attract more retirees and tourists to the province, given his role in building the Bacong airport.
Cho, a professional golfer and champion in various tournaments, has a vast network that could also be tapped for future ventures.
In April, the Filipino partner firms will visit Korea to finalize the contract for the building of the first 500 housing units this year, Arbas said. (PNA)