THE Philippines and South Korea signed on Monday, October 7, 2024, several agreements to strengthen their maritime cooperation, infrastructure development, energy and other key areas.
The agreements were inked during South Korean President Yoon Suk Yeol’s state visit in the Philippines.
Yoon and President Ferdinand Marcos Jr. witnessed the signing of the 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), and the MOU for Strategic Cooperation on Critical Raw Material Supply Chains during their bilateral meeting held at the Malacañang.
Also inked were the Memorandum of Understanding on the Feasibility Study of Bataan Nuclear Power Plant (BNPP), the Loan Agreement on Samar Coastal Road II Project and the Memorandum of Understanding on the Laguna Lakeshore Road Network Project Phase I (Stage I), and the Panay-Guimaras-Negros Island Bridges Project.
The Implementation Program of the Memorandum of Understanding between the Department of Tourism of the Philippines and the Ministry of Culture, Sports, and Tourism of the Republic of Korea for 2024-2029 was also signed.
During their meeting, Marcos and Yoon vowed to strengthen their ties into a strategic partnership.
“As we chart the future direction of our relations, the way forward is clear. The time has come for us to elevate the ties between the Philippines and the Republic of Korea to a Strategic Relationship,” said Marcos.
“This idea must be as concrete as the foundation from which our bilateral relationships stand. As the geopolitical environment is only becoming more complex, we must work together to achieve prosperity for our peoples and to promote a rules-based order governed by international law, including the 1982 UNCLOS and the binding 2016 Arbitral Award,” he added.
In response, Yoon expressed confidence that South Korea and Philippines’ trade and economic cooperation will not only bolster but also widen the scope to include future-oriented sectors such as security, digital technology, and energy.
He emphasized the “special bond forged in blood” between the two countries, noting the significant support of the Philippines to South Korea during the Korean War, when the former became the first Southeast Asian nation to establish diplomatic relations with the latter.
The Philippines sent the largest contingent of troops from the region during the conflict.
Marcos and Yoon also vowed to both support collaboration between the Philippines and South Korea to achieve prosperity for the peoples of the two nations and promote rules-based international order.
“Our decades of cordial relations have developed into a comprehensive partnership that spans political, defense, economic, socio-cultural, maritime and many other fields, across various levels of engagement,” Marcos said.
“And 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,” he added.
The two countries established diplomatic relations on March 3, 1949.
In 2023, South Korea was the Philippines’ fifth top trading partner, fifth export destination (out of 205), and fourth largest import source (out of 220).
The East Asian country was also the Philippines’ fifth largest source of Foreign Direct Investments (FDI) in 2021.
From January to November 2023, the FDI from South Korea amounted to US$20.82 million.
Last year, South Korea was the Philippines’ sixth largest source of Official Development Assistance amounting to US$971.86 million. (TPM/SunStar Philippines)
