33.58 Billion Won Sold in Haenam Sarang Gift Certificates 'Boosting Local Economy Tok! Tok!'

Gift Certificates Expanded by 145 Billion Won This Year

[Asia Economy Honam Reporting Headquarters Reporter Jeong Seunghyun] Haenam-gun, Jeollanam-do announced on the 2nd that it will expand the issuance of local love gift certificates to 145 billion KRW this year.

The county initially expected to issue gift certificates worth 130 billion KRW this year, but due to increased demand following the distribution of disaster relief funds to all residents amid the spread of COVID-19, it decided to expand the issuance scale.

In Haenam, following last year, the second disaster relief fund of 200,000 KRW each, distributed to all residents this year, is being provided in the form of Haenam Love Gift Certificates to actively revitalize the local economy.

The total amount of disaster relief funds for all residents is 13 billion KRW, and the county is distributing the entire amount as Haenam Love Gift Certificates, establishing a virtuous cycle structure used within the region, including small business owners.

Additionally, welfare points equivalent to 1.5 billion KRW, which is 90% of the welfare points given to Haenam-gun public officials, were paid in paper or card-type gift certificates, and the 9 billion KRW public interest allowance for farmers and fishermen scheduled for payment in April will also be paid in Haenam Love Gift Certificates.

The scale of Haenam Love Gift Certificates is the largest amount among county-level local governments issuing gift certificates, setting records for maximum issuance and sales.

Since the first issuance in April 2019 until February this year, a total of 352.4 billion KRW has been issued, and 335.8 billion KRW has been sold.

Also, the redemption amount reached 312.7 billion KRW, recording a redemption rate of 93.1%, which is leading to a substantial increase in sales for affiliated small business stores within the region.

Based on a research project conducted by Haenam-gun through the Korea Institute of Local Administration, the added value created based on sales so far is analyzed to reach 74.6 billion KRW.

County Governor Myeong Hyun-gwan said, “Haenam Love Gift Certificates are playing a crucial role as a pillar of local economic revitalization, providing economic benefits to both consumers and affiliated store owners despite the difficult conditions of the COVID-19 crisis,” and added, “I would like to express my gratitude to the residents who actively use Haenam Love Gift Certificates so that they can continue to grow as they are now.”

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