 Some of the then-800 Korean residents of Davao City formed a chamber of commerce that year.Korean restaurants were sprouting up to serve the Korean students studying abroad there, and Korean property developers aimed to construct hundreds of millions of pesos of projects including golf courses, English language schools for foreigners, and export-oriented industrial parks to entice Japanese and South Korean firms to set up shop.Businesspeople feel the city's potential is relatively "untapped" compared to other markets in the Philippines such as Cebu or Baguio.