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The Philippines and South Korea signed agreements on maritime cooperation, infrastructure development, energy, and other key areas during the state visit of South Korean President Yoon Suk Yeol
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These include, among others, MOUs for Strategic Cooperation on Critical Raw Material Supply Chains; maritime cooperation between the Philippine Coast Guard and Korea Coast Guard; and Economic Innovation Partnership Program
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Also signed was the loan agreement on Samar Coastal Road II Project and the MOU on the Laguna Lakeshore Road Network Project Phase I (Stage I) and the Panay-Guimaras-Negros Island Bridges Project
The Philippines and South Korea signed agreements on maritime cooperation, infrastructure development, energy, and other key areas during the state visit of South Korean President Yoon Suk Yeol to the Philippines on October 7.
Signed were the memorandum of understanding for Strategic Cooperation on Critical Raw Material Supply Chains; MOU between the Philippine Coast Guard (PCG) and the Korea Coast Guard (KCG) on Maritime Cooperation; and MOU on the Economic Innovation Partnership Program (EIPP).
Also inked were the MOU on the Feasibility Study of Bataan Nuclear Power Plant (BNPP); the loan agreement on Samar Coastal Road II Project and the MOU on the Laguna Lakeshore Road Network Project Phase I (Stage I) and the Panay-Guimaras-Negros Island Bridges Project. Also signed was the implementation program of the MOU between the Department of Tourism of the Philippines and the Ministry of Culture, Sports, and Tourism of the Republic of Korea for 2024-2029.
“I am pleased to announce that the Philippines and the Republic of Korea have formally elevated our relations to a Strategic Partnership, adding further impetus to the strengthening and deepening of our cooperation in an increasingly complex geopolitical and economic environment,” President Ferdinand Marcos Jr. said in a speech during the presentation of the signed agreements.
Yoon’s state visit coincides with the celebration of the 75th anniversary of the establishment of the bilateral relations of South Korea and the Philippines.
Recognizing the importance of deepening cooperation on economic security and sustainable and resilient supply chains, the two countries agreed to cooperate to improve infrastructure and strengthen cooperation in the supply chain of critical raw materials with the signing of the MOU.
Both countries agreed to work together including by building capacities on the development, transfer, and utilization of newly-developed research and development outputs for innovation and sustainable processing of critical raw materials, according to a joint declaration on the strategic partnership issued on October 7.
The MOU between the PCG and KCG aims to strengthen understanding, mutual trust, and confidence, and for the purpose of the promotion, preservation, and protection of our mutual maritime interests, including maritime order and safety in the Asia-Pacific region, Marcos said.
The MOU on EIPP, meanwhile, establishes a framework for cooperation between both countries for the advancement of national, regional, and urban development in the Philippines.
In view of South Korea’s “successful experience in the nuclear industry,” Marcos said they have also signed the MOU Memorandum on the feasibility study of BNPP to “continue progress on the BNPP Rehabilitation, which we envision to contribute to energy security in the country.”
Marcos, meanwhile, said they look forward “to implementing our free trade agreement, that has been ratified and concurred to by the Philippine Senate.”
READ: PH, South Korea sign free trade agreement
South Korea’s National Assembly, however, is yet to ratify the FTA.
Under the FTA, South Korea will remove tariffs on 94.8% of all items and the Philippines will lift tariffs on 96.5% of all products traded.
