PH, Korea ink deal on maritime cooperation, Bataan nuclear power plant

STRATEGIC PARTNERS. President Ferdinand R. Marcos Jr. welcomes South Korean President Yoon Suk Yeol in Malacañang on Monday (Oct. 7, 2024). President Yoon’s visit is upon the invitation of President Marcos and coincides with the 75th anniversary of the establishment of diplomatic ties between the Philippines and the Republic of Korea. (PCO Photo)

By Darryl John Esguerra, Philippine News Agency

MANILA – The Philippines and South Korea on Monday sealed six new deals, including agreements on strengthening maritime cooperation and a feasibility study on the Bataan Nuclear Power Plant rehabilitation as the two countries agree to elevate their ties to a “strategic partnership.”

President Ferdinand R. Marcos Jr. and South Korean President Yoon Suk Yeol witnessed the presentation of the newly signed deals in Malacañang.

The new deals are as follows:

–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);

–MOU for Strategic Cooperation on Critical Raw Material Supply Chains;

–MOU on the Feasibility Study of Bataan Nuclear Power Plant;

–Loan Agreement on Samar Coastal Road II Project and MOU on the Laguna Lakeshore Road Network Project Phase I (Stage I) and the Panay-Guimaras-Negros Island Bridges Project; and

–Implementation Program of the MOU between the Department of Tourism and the Ministry of Culture, Sports, and Tourism of the Republic of Korea for 2024-2029.

Yoon is in Manila for a two-day state visit upon the invitation of Marcos. He is the first South Korean leader to visit the country since 2011.

Strategic partnership

Marcos and Yoon both agreed to elevate the two countries bilateral ties to a strategic partnership.

According to Marcos, this will bring “further impetus to the strengthening and deepening” of the cooperation between the two countries in an increasingly complex geopolitical and economic environment.

During their bilateral meeting, the two leaders covered several areas of 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,” Marcos said.

The two heads of state also exchanged views on regional and international issues such as the West Philippine Sea and in the Korean Peninsula.

“I welcome the Republic of Korea’s efforts to promote peace and stability in the Korean Peninsula. The “Audacious Initiative” and the ‘August 15 Unification Doctrine’ are important efforts in this regard,” Marcos said.

“We acknowledged the efforts of both sides to enhance bilateral trade and we looked forward to implementing our free trade agreement, that has been ratified and concurred to by the Philippine Senate. In addition, we recognized our cooperation within ASEAN, and the Republic of Korea’s initiatives, such as the ASEAN Plus Three Emergency Rice Reserve (APTERR), that also benefited ASEAN Member States, including the Philippines,” he added.

Bilateral relations between the two countries began on March 3, 1949 when the Philippines became the fifth nation to recognize the Republic of Korea.

This friendship was cemented by the deployment of the Philippine Expeditionary Force to Korea (PEFTOK) during the Korean War in the 1950s.

Marcos and Yoon are expected to grace the Philippines-Korea Business Forum on Monday afternoon.