Malacañan Palace
October 7, 2024
President Ferdinand R. Marcos Jr. and President Yoon Suk Yeol of the Republic of Korea witnessed the presentation of newly signed agreements geared towards strengthened cooperation between the two nations.
Several Cabinet members and their South Korean counterparts exchanged the following key agreements:
– Memorandum of Understanding (MOU) between the Philippine Coast Guard (PCG) and the Korea Coast Guard (KCG) on Maritime Cooperation
– MOU for Strategic Cooperation on Critical Raw Material Supply Chains
– MOU on the Feasibility Study of the Bataan Nuclear Power Plant (BNPP)
– Loan Agreements for the Samar Coastal Road II Project
– MOU on the Laguna Lakeshore Road Network Project (Phase I)
– The Panay-Guimaras-Negros Island Bridges Project
– Implementation Program of the MOU between the Department of Tourism (DOT) and the Ministry of Culture, Sports, and Tourism (MCST) of the Republic of Korea for 2024-2029
In a joint press statement that followed, President Marcos Jr. emphasized that the Philippines and the Republic of Korea have formally elevated relations to a Strategic Partnership. He stressed that these momentous engagements put further impetus on the strengthening and deepening cooperation between both countries in an increasingly complex geopolitical and economic environment.
The Chief Executive likewise conveyed his heartfelt gratitude to President Yoon and his delegation for their fruitful visit to the country, noting that the Philippines will continue to foster a deepened relationship with the Republic of Korea for the welfare of their respective peoples.
For his part, the South Korean Leader expressed his gratitude to President Marcos Jr. for welcoming him to the Philippines, highlighting that the country is a core partner of the Republic of Korea in the Association of Southeast Asian Nations (ASEAN).
“75 years ago, the Philippines became the first nation in Southeast Asia to establish diplomatic relations with the Republic of Korea,” he said, emphasizing further that during the Korean War, the Philippines deployed the largest contingent of troops among Asian nations in defense of the Republic of Korea.
Furthermore, he commended the ongoing dynamic development of the Philippines under the leadership of President Marcos Jr., underscoring the infinite potential of the two nations’ relations toward becoming more progressive and developed.
He stated that in 2023, South Koreans accounted for the largest tourist arrivals in the Philippines, reaching around 1.45 million. On the other hand, there are approximately 97,000 Filipino workers in South Korea since 2004.
In conclusion, President Yoon reaffirmed his and President Marcos Jr.’s common understanding that close people-to-people exchanges serve as a solid foundation for the friendly cooperation between the two nations, adding that they will both continue to protect the rights and safety of their citizens.
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