GAME developer groups and other industry stakeholders from the Philippines and South Korea have inked a cooperation agreement recently, opening opportunities for both Filipino and South Korean independent game companies in the global market.
The Department of Trade and Industry (DTI) said a memorandum of understanding (MOU) was signed last February 7 during the GameDev Summit in Boracay, where the government agency was an official partner.
The signatories include the Game Developers Association of the Philippines (GDAP), the GameDev Summit (GDS), the Korea Indie Game Association (KIGS) and From the Red Co., Ltd.
âBe it mobile games, e-sports, or indie games, the Philippines creates outputs that captivate audiences and generate international acclaim,â Trade Undersecretary Ceferino Rodolfo said.
The trade official highlighted the Philippinesâ young, tech-savvy, and highly-skilled workforce, strategic location, and strong digital infrastructure as key drivers in making the Philippines a major player for the game development industry.
With tax incentives under the Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, he said the Philippines is establishing itself as a premier location for game companies, developers, and investors.
Meanwhile, KIGS Vice Chairman Hong Young-gi expressed optimism about the agreement, citing it is a major turning point for indie game developers from both countries.
âThis trilateral MOU will significantly strengthen the gaming industry cooperation between Korea and the Philippines,â he said, emphasizing that the agreement will expand the international networks of game development firms from both countries and facilitate their entry into global markets
According to international market research firm Statista, the global revenue in the âgamesâ segment of the media market is projected to soar by 45.53 percent from 2024 to 2029, reaching a new peak of $691.31 billion. (Alden M. Monzon © Philippine Daily Inquirer)
