LIST: Deals signed between PH, South Korea during Yoon’s state visit to Manila

MANILA, Philippines – Seoul and Manila on Monday, October 7, signed an agreement to elevate bilateral ties to a strategic partnership during South Korean President Yoon Suk-yeol’s first state visit to the Philippines.

At a joint press conference in Malacañang, Philippine President Ferdinand Marcos Jr. said the strategic partnership adds “further impetus to the strengthening and deepening of our cooperation in an increasingly complex geopolitical and economic environment.”

Yoon promised that South Korea would “actively take part” in the Armed Forces of the Philippines (AFP)’s modernization efforts, as articulated in Horizon 3.

Aside from the strategic partnership, South Korea and the Philippines signed several other memoranda of agreement, and a loan agreement.

The full list, and what they entail, is as follows:

Memorandum of Understanding between the Philippine Coast Guard and the Korea Coast Guard on Maritime Cooperation. According to Marcos, the agreement is meant 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.”

Memorandum of Understanding on the Economic Innovation Partnership Program (EIPP). Marcos said: “This establishes a framework for cooperation between our countries for the advancement of national, regional, and urban development in the Philippines.”

Memorandum of Understanding for Strategic Cooperation on Critical Raw Material Supply Chains, a deal that would “promote cooperation in the establishment of supply chains for critical raw materials in our two countries,” said Marcos.

Memorandum of Understanding on the Feasibility Study of Bataan Nuclear Power Plant (BNPP), meant to “carry out a thorough feasibility study to continue progress on the BNPP Rehabilitation, which we envision to contribute to energy security in the country,” Marcos said. The Bataan Nuclear Power Plant was a project of Marcos’ father and namesake, the late dictator.

The project was the Southeast Asian region’s first nuclear power plant, completed in 1986 but it was never turned on to add power to the Luzon grid after the Cory Aquino government decided to mothball it due to corruption and safety issues.

Loan Agreement on Samar Coastal Road II Project

Memorandum of Understanding on the Laguna Lakeshore Road Network Project Phase I (Stage I) and the Panay-Guimaras-Negros Island Bridges Project.

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. Yoon noted that Koreans are the top foreign visitors to the Philippines, with over 1.45 million Koreans coming to the country in 2023. – Rappler.com