Muan-gun Surpasses 100 Billion Won in Muan Sarang Gift Certificate Issuance Amount

Expansion of Muan Sarang Gift Certificate Sales to Promote Local Economic Virtuous Cycle

[Muan=Asia Economy Honam Reporting Headquarters, Reporter Oh Hwan-joo] The Muan Love Gift Certificate, a local currency issued by Muan County in Jeollanam-do, is not only receiving great love from residents with a 10% discount benefit but is also playing a significant role in revitalizing the local economy.

The county plans to issue the Muan Love Gift Certificate on an unprecedented scale of 128.6 billion KRW to support small business owners struggling due to COVID-19 and to stimulate the local economy.

Initially, the issuance was expected to be around 100 billion KRW, but sales increased by more than 9 billion KRW per month due to the 10% special discount, easing of social distancing, and the summer vacation season, followed by sales of 5.5 billion KRW during the Chuseok holiday.

Accordingly, with the cumulative issuance amount reaching 106.6 billion KRW and the remaining quota expected to be exhausted soon, the county decided to issue an additional 22 billion KRW worth of gift certificates.

Currently, Muan County ranks second among county-level local governments in the province in terms of issuance and sales records.

So far, it has secured 10.4 billion KRW in national and provincial funds and has implemented a 6-10% discount sale, registering 3,708 paper gift certificate affiliated stores and 3,123 mobile gift certificate affiliated stores, continuously striving to promote the use of the gift certificates.

Going forward, the county plans to implement various policies to activate the use of gift certificates to prevent the outflow of funds outside the region and to help small business owners increase their actual sales.

A county official said, “We sincerely thank the local residents and visitors who have used the Muan Love Gift Certificate extensively,” and added, “We hope the gift certificates will provide practical help to the residents who are struggling with economic crises such as high inflation, high interest rates, and reduced consumption.”

Meanwhile, the Muan Love Gift Certificate started issuance in 2019 with a scale of 4 billion KRW, expanded to 61 billion KRW in 2020, 92 billion KRW in 2021, and reached 100 billion KRW this year. The cumulative issuance amount to date is 257 billion KRW, with cumulative sales amounting to 245.7 billion KRW.

Muan=Asia Economy Honam Reporting Headquarters, Reporter Oh Hwan-joo gabrielw@asiae.co.kr

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