MANILA, Philippines — In a landmark move, the Korea Tourism Organization (KTO) has signed a significant Memorandum of Understanding (MOU) with four of the Philippines’ top financial institutions: BDO Unibank (BDO), Bank of the Philippine Islands (BPI), Metropolitan Bank & Trust Company (Metrobank), and Rizal Commercial Banking Corporation (RCBC).
This strategic partnership, marking the 75th anniversary of diplomatic relations between South Korea and the Philippines, was formalized during a recent signing ceremony held at the Makati Shangri-La, Manila. The event was graced by KTO’s acting president, YoungChoong Seo, along with key executives from the four banks.
The primary goal of the collaboration is to promote a simplified visa application program for credit card holders from the participating banks. The initiative is designed to streamline the visa process through the banks’ vast networks, making it easier for Filipino travelers to explore South Korea, a top-tier global destination known for its rich culture, modern attractions, and natural beauty.
Under the MOU, eligible cardholders from the four financial institutions can apply for a simplified visa until December 31, 2024. This special process allows applicants to skip the usual requirements like bank certificates, bank statements, and Income Tax Returns (ITR). Instead, they only need to submit an original Certificate of Employment, a copy of their credit card showing full details, and their latest three months of billing statements.
In line with the MOU signing, KTO launched the Korea Tourism Roadshow 2024 Manila, a key event aimed at strengthening ties between South Korea and the Philippines. This roadshow provided a platform for Philippine travel agents to collaborate with Korean businesses and create exciting new tourism products.
The momentum continued with the Korea Travel Fiesta 2024, held from September 7 to 8, 2024. The fiesta aimed to inspire Filipinos to choose South Korea as their next vacation spot. The event featured prominent tourism leaders from both nations and special appearances by famous Hallyu stars like EXO’s Xiumin and singer PUNCH, known for their iconic OST hits.
From January to July 2024, South Korea ranked ninth on the Philippine Department of Tourism’s list of “Outbound Philippine Residents by Country of Destination.” Through this partnership, KTO is determined to increase Filipino tourist arrivals in South Korea and showcase the country’s vibrant experiences and attractions to a broader audience.
