This paper investigates the syncretism exhibited by the Korean verbal suffix -eci. In addition to its widely known appearance in the passive construction, -eci can also be used to derive verbs expressing potentiality. In this paper, I show that two independently motivated theoretical tools — (i) the articulated verbal structure with root, verbalizer, and Voice; and (ii) the assumption that morphological identity signifies the morpheme's realization of an identical syntactic head — accurately explain the passive-potential syncretism in Korean. Specifically, I argue that -eci realizes a syntactic head that the passive and potential structures have in common: vGO, the verbalizer marking the eventuality of ‘change’. I attribute the systematic morpho-syntactic and semantic contrasts between passives and potentials to the (non)existence of VoicePASS, the projection introducing an implicit external argument. The analysis successfully captures the properties of the other constructions formed upon -eci — namely, derived change-of-state and lexical inchoative predicates.