PH, SoKor ink 5 deals

SEOUL, South Korea -- The Philippines and South Korea have signed a loan agreement for a port project in Cebu, and four memoranda of understanding that aim to bolster cooperation in areas of energy, transportation, science and technology, and trade and industry.

President Rodrigo Duterte and Korean President Moon Jae-in witnessed the signing of the five agreements, which was held Monday, June 4, at the Blue House in Seoul, Korea.

The two countries, through Finance Secretary Carlos Dominguez III and Export-Import Bank of Korea chairman Eun Sung-soo, signed a loan agreement on New Cebu International Container Port.

A memorandum of understanding (MOU) on scientific and technological cooperation was signed by Science and Technology Secretary Fortunato dela Peña and Minister of Science and Information Communications Technology You Young-min.

Trade Secretary Ramon Lopez also inked an MOU on trade and economic cooperation with Minister of Trade, Industry and Energy Paik Ungyu.

Another MOU for cooperation on the expansion of renewable energy development was signed by Defense Secretary Delfin Lorenzana and Minsiter of Trade, Industry and Paik.

The last MOU concerning cooperation in the field of transport was signed by Transportation Secretary Arthur Tugade and Minister of Land, Infrastructure and Transport Kim Hyun-mee.

In a joint statement, Duterte acknowledged the two nations' commitment to purusue a "stronger cooperation and more dynamic collaboration."

"This expanded and more comprehensive partnership is needed to bring our relations forward [in] this modern century," the President said.

"The Philippines has much to learn from South Korea's story of successful transformation into a global economic powerhouse. This is why we are keen on partnering with [South] Korea in advancing new and innovative backbones of our modern development," he added.

Moon likewise affirmed that the Korean goverment would ensure that the Filipino and Korean nationals "will be able to fully grasp the fruits of this cooperation."

He added that Korea would "actively participate" in the national developments of the Philippines.

"In particular, I look forward to seeing the Korean companies’ participation further expanded in the fields of transportation, energy and infrastructure through our cooperation in the new industries such as infocomtion munications as well as science and technology," Moon said.

"We will create the growth engine for the future together," he added. (SunStar Philippines)