Pohang City Offers 10% Special Discount on Local Love Gift Certificates... Issuing 400 Billion Won Worth This Year

Pohang Love Gift Certificate Special Discount Sale Promotional Poster.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Park Dong-wook] Pohang City, Gyeongbuk Province announced on the 10th that it will sell 150 billion KRW worth of 'Pohang Love Gift Certificates' at a special 10% discount starting from the 20th to revive the local economy, which has been depressed due to the novel coronavirus infection (COVID-19).

Additionally, this year, the issuance scale of local love gift certificates will be expanded from 150 billion KRW to 400 billion KRW, the largest nationwide.

Accordingly, the existing local love gift certificates will be suspended from sales until the 17th. This special discount event will continue until all 150 billion KRW worth is sold out to revitalize local commercial districts and increase sales for self-employed and small business owners.

During the special discount event, the personal purchase limit per person is 500,000 KRW per month and 4 million KRW annually. They can be purchased at 163 sales agencies including Nonghyup, Saemaeul Geumgo, and Daegu Bank.

Pohang City expects an increase in the circulation of gift certificates during the special discount event period, so it will double the exchange limit for each affiliated store compared to usual and will cancel the designation of affiliated stores and lower exchange limits if illegal circulation occurs to ensure healthy distribution of the gift certificates. It also plans to conduct crackdowns to recover the full amount of unfair profits from illegal purchasers.

Mayor Lee Kang-deok of Pohang said, "Considering the severity of the economic downturn, we decided to offer a special discount of 150 billion KRW all at once to allow as many people as possible to purchase," adding, "I hope this event will lead to increased sales for local small business owners, self-employed people, and traditional market merchants, thereby revitalizing the local economy."

Meanwhile, Pohang Love Gift Certificates have been issued since 2017 with 130 billion KRW in 2017, 100 billion KRW in 2018, and 170 billion KRW in 2019. If expanded to 400 billion KRW this year, the total cumulative issuance will reach 800 billion KRW.

Since 2017, the number of users who have purchased Pohang Love Gift Certificates at least once has been counted at 210,920.

This content was produced with the assistance of AI translation services.