Visiting Philippines President Rodrigo Duterte had lunch in Seoul with some 200 South Korean entrepreneurs and business leaders Tuesday.

The Korea Federation of Small and Medium Business hosted the event to discuss expanding Philippines-South Korea business ties.

The federation's chairman Park Sung-taek told the gathering the Philippines was achieving rapid development with annual economic growth reaching seven percent.  

He anticipated that many quality Korean firms specializing in construction equipment and materials and autos will be able to advance to the Filipino market.