MANILA – The Philippines and South Korea on Monday sealed six new deals, including agreements on strengthening maritime cooperation and a feasibility study on the Bataan Nuclear Power Plant rehabilitation as the two countries agree to elevate their ties to a “strategic partnership.”
President Ferdinand R. Marcos Jr. and South Korean President Yoon Suk Yeol witnessed the presentation of the newly signed deals in Malacañang.
The new deals are as follows:
–Memorandum of Understanding (MOU) between the Philippine Coast Guard and the Korea Coast Guard on Maritime Cooperation
–MOU on the Economic Innovation Partnership Program (EIPP);
–MOU for Strategic Cooperation on Critical Raw Material Supply Chains;
–MOU on the Feasibility Study of Bataan Nuclear Power Plant;
–Loan Agreement on Samar Coastal Road II Project and MOU on the Laguna Lakeshore Road Network Project Phase I (Stage I) and the Panay-Guimaras-Negros Island Bridges Project; and
–Implementation Program of the MOU between the Department of Tourism and the Ministry of Culture, Sports, and Tourism of the Republic of Korea for 2024-2029.
Yoon is in Manila for a two-day state visit upon the invitation of Marcos. He is the first South Korean leader to visit the country since 2011.
Strategic partnership
Marcos and Yoon both agreed to elevate the two countries bilateral ties to a strategic partnership.
According to Marcos, this will bring “further impetus to the strengthening and deepening” of the cooperation between the two countries in an increasingly complex geopolitical and economic environment.
During their bilateral meeting, the two leaders covered several areas of cooperation, including defense and security, maritime cooperation, economic and development cooperation, and people-to-people exchanges.
“We agreed that we have made significant strides in advancing and deepening our bilateral cooperation towards the attainment of our mutually beneficial goals,” Marcos said.
The two heads of state also exchanged views on regional and international issues such as the West Philippine Sea and in the Korean Peninsula.
“I welcome the Republic of Korea’s efforts to promote peace and stability in the Korean Peninsula. The “Audacious Initiative” and the ‘August 15 Unification Doctrine’ are important efforts in this regard,” Marcos said.
“We acknowledged the efforts of both sides to enhance bilateral trade and we looked forward to implementing our free trade agreement, that has been ratified and concurred to by the Philippine Senate. In addition, we recognized our cooperation within ASEAN, and the Republic of Korea’s initiatives, such as the ASEAN Plus Three Emergency Rice Reserve (APTERR), that also benefited ASEAN Member States, including the Philippines,” he added.
Bilateral relations between the two countries began on March 3, 1949 when the Philippines became the fifth nation to recognize the Republic of Korea.
This friendship was cemented by the deployment of the Philippine Expeditionary Force to Korea (PEFTOK) during the Korean War in the 1950s.
Marcos and Yoon are expected to grace the Philippines-Korea Business Forum on Monday afternoon.
Congress’ support
Speaker Martin Romualdez, during the state luncheon, expressed the Philippine Congress’ commitment to support the strategic initiatives aimed at strengthening ties with South Korea.
“Congress is fully committed to nurturing and expanding our dynamic and multifaceted relations with South Korea. This partnership is vital to achieving shared prosperity and mutual growth,” Romualdez said.
Romualdez highlighted the significance of President Yoon’s visit as it sets the stage for an even closer partnership, particularly in areas such as defense modernization, economic collaboration, and cultural exchange.
“The elevation of our relations to a strategic partnership signals our shared commitment to navigate the increasingly complex global landscape together,” he said.
He noted that South Korea has been a key partner in defense and security.
“South Korea is a trusted defense partner, and their support for our military modernization and the Philippine Coast Guard is crucial to strengthening our national security and territorial integrity,” Romualdez said.
Economic cooperation has also grown, Romualdez said, particularly with the recent completion of domestic requirements for a bilateral Free Trade Agreement (FTA).
The agreement is expected to further enhance trade and economic exchanges between the two nations.
“South Korea remains a key trading partner, and with the FTA, we foresee greater opportunities to expand our trade relations and increase economic exchanges for the benefit of both nations,” he added.
Romualdez also acknowledged South Korea’s willingness to support infrastructure projects in the Philippines, citing a feasibility study for the Bataan Nuclear Power Plant as an example of potential areas of cooperation.
“South Korea’s contributions to our development priorities through the Economic Development Cooperation Fund have been invaluable, and we look forward to continued cooperation in areas such as energy and infrastructure,” he said. (with a report from Filane Cervantes/PNA)