Negros oriental: 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.

According to Philippines News Agency, Arbas stated that the Korean firm plans 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 initiative will also cater to tourists and transients who may later decide to stay permanently. In the long term, the project plans to include the construction of a nursing home and a hospital.

Cho, through interpreter Kang Kyung-soo, mentioned that the areas he visited would be ideal locations for a Korean retirement community. Kang, who has lived in Negros Oriental for about 17 years, introduced Cho to PHCCI and was impressed with its commitment to serving the people through various programs and projects. The interpreter also noted that Cho is part of a Korean firm investing in the new airport project in nearby Bacong town.

Meanwhile, Lariosa, who also leads the PHCCI cooperative, highlighted their efforts to find partners to boost 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. Lariosa also revealed that the Korean company was interested in purchasing the PHCCI's Orient Woods housing project, but all 550 units had already been sold out.

Lariosa expressed confidence in Cho's ability to attract more retirees and tourists to the province, given his involvement in the Bacong airport project. Cho, a professional golfer and champion in various tournaments, has a vast network that could be leveraged for future ventures. In April, the Filipino partner firms plan to visit Korea to finalize the contract for the construction of the first 500 housing units this year, as stated by Arbas.