PH, South Korea sign maritime, economic agreements

International news section 07-10-2024

President Ferdinand Marcos Jr. welcomed the country’s expanded cooperation in various areas with the Republic of Korea as he and visiting President Yoon Seok Yol witnessed the signing of several agreements in Malacañang.

These are a Memorandum of Understanding between the Philippine Coast Guard (PCG) and the Korea Coast Guard on Maritime Cooperation; a Memorandum of Understanding on the Economic Innovation Partnership Program (EIPP); a Memorandum of Understanding for Strategic Cooperation on Critical Raw Material Supply Chains; a Memorandum of Understanding on the Feasibility Study of Bataan Nuclear Power Plant; a Loan Agreement on Samar Coastal Road II Project and a Memorandum of Understanding on the Laguna Lakeshore Road Network Project Phase I and the Panay-Guimaras-Negros Island Bridges Project; and the Implementation Program of the Memorandum of Understanding between the Department of Tourism and the Ministry of Culture, Sports, and Tourism of the Republic of Korea for 2024-2029.

Marcos lauded the cooperation between the PCG and the Korea Coast Guard, citing the “regional and international issues such as the West Philippine Sea and in the Korean Peninsula.”

“Today, 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,” the President said in his joint press conference with Yoon.

“During our fruitful bilateral meetings, President Yoon and I covered several areas of our 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,” he added.

Yoon vowed his country’s unceasing support to the Philippines particularly in ramping up its defense capabilities and for South Korea to “actively take part in the modernization of the AFP (Armed Forces of the Philippines).”