PH, SOUTH KOREA SIGNED AGREEMENTS ON MARITIME COOPERATION AND BATAAN POWER PLANT

The Philippines and South Korea sealed new deals including strengthening maritime cooperation to protect their interests and to preserve order and safety in the seas of the Asia-Pacific, and a feasibility study to revive the Bataan Nuclear Power Plant (BNPP) as the two countries agree to elevate their ties to a “strategic partnership.”

The Philippines and South Korea have signed an agreement to elevate its ties to a strategic partnership during President Yoon’s visit in the country (Photo courtesy of Yummie Dingdinng/PPA pool)

The agreement was made official in Malacañang Palace during South Korean President Yoon Suk-yeol’s first state visit to the Philippines. President Ferdinand Marcos Jr. said that they spoke of increasingly complex geopolitical realities and about concerns in the West Philippine Sea, as well as the Korean Peninsula.

Manila and Seoul signed several memoranda of agreement (MOA), this includes a loan agreement for an infrastructure project in the Philippines, covering a feasibility study to rehabilitate the Bataan Nuclear power plant.

Marcos said, ''This will carry out a thorough feasibility study to continue progress on the BNPP Rehabilitation, which we envision to contribute to energy security in the country.”

''We took note of the importance of nuclear power as a carbon-free energy source and agreed to lay the foundation for nuclear energy cooperation building on the conclusion of MOU on feasibility study for the Bataan Nuclear Power Plant,'' Yoon said.

Marcos highlighted the “robust partnership in a myriad of fields of cooperation including defense and security, maritime cooperation, trade, development, and people-to-people exchanges.”

“As we chart the future direction of our relations, the way forward is clear: the time for us to elevate the ties between the Philippines and the Republic of Korea to a strategic relationship,” Marcos added.

The two countries inked deals “on the economic innovation partnership program” to create a “framework for cooperation between our countries for the advancement of national regional and urban development in the Philippines,” and an agreement to “promote cooperation and the establishment of supply chains and critical raw materials.”

Manila and Seoul agreed to “continue to strengthen our infrastructure and development cooperation” through loan agreements and through the promotion of tourism and culture.

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.

Source: Philippine News Agency

Be part of ImHenyo community!

Get featured by sharing your stories, news, and comments

Email us at [email protected]