Gyeongbuk Province to Issue 1 Trillion KRW in Local Love Gift Certificates This Year... 25% Increase from Previous Year

Originally Planned 643 Billion KRW Increased by 370 Billion KRW, "Additional 22.2 Billion KRW Secured from National Funds"

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Jae-ho] Gyeongbuk Province announced on the 1st that it will issue a total of 1 trillion won worth of local love gift certificates this year, about 35% more than originally planned.

Originally, it was scheduled to issue 643 billion won worth, but by securing an additional 22.2 billion won in national funds, Gyeongbuk Province explained that it was able to issue an additional 370 billion won worth of local love gift certificates.

Expanding to 1 trillion won is a significant increase of about 25% compared to the 748 billion won issued in 2020. The use of local love gift certificates promotes consumption within the region and prevents the outflow of local funds. As of last year, the final redemption rate reached 99.8%.

Purchasing local love gift certificates is possible for anyone through real-name verification procedures at sales agencies (banks, Saemaeul Geumgo, etc.) in cities and counties. They can be used at affiliated stores within the region, such as marts, supermarkets, general restaurants, beauty salons, gas stations, and bookstores that display the affiliated store sticker. Buyers can purchase gift certificates in various forms (paper, card, mobile) and reduce household burdens by buying at a 10% discount.

Governor Lee Cheol-woo said, "I expect that issuing more than 1 trillion won worth of local love gift certificates in the Gyeongbuk region this year will bring warmth to the local economy," and urged, "I ask the residents to actively use the local love gift certificates, which benefit both buyers and local small business owners."

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