President Rodrigo Duterte’s trip to South Korea has recharged the economy with 23 business agreements valued at $4.8 billion and another additional $1 billion in development assistance from Korea to support the Duterte administration’s Build, Build, Build projects.
Finance Secretary Carlos Dominguez III said the President’s foreign trip resulted in various deals such as the $50-million National Irrigation Administration facility project; $100 million to finance the new Dumaguete Airport Development Project; and $41million for the implementation of an electronic receipt, invoices and sales reporting system that will help the government monitor all the taxes paid by retailers in the Philippines.
The Finance chief met with his Korean counterpart and signed a deal with Deputy Prime Minister and Minister of Strategy and Finance Kim Dong-Yeon that would double the Korean official development assistance (ODA) committed to the Philippines, from $500 million from 2011 to 2013, to $1 billion available from 2017 to 2022.
“The first loan carved out from the billion dollar framework agreement amounts to $172.64 million. It will be used to finance the new Cebu International Container Port [CICP] project. The loan agreement for this project was signed by myself and Export-Import Bank Korea chairman and president Sung-Soo Eun,” Dominguez said.
The CICP project will help alleviate the road congestion in the Cebu-based port area and provide a more efficient and reliable transport infrastructure to enhance the flow of goods and services in the Visayas.
Dominguez said the government plans to use the remaining $636-million balance to fund two to three more flagship projects under the Build, Build, Build program.
He assured the public that none of the assistance provided to the Philippines would be wasted on corruption, stressing that the Commission on Audit would be involved in the monitoring of projects to be financed by the ODA.
For his part, Trade Secretary Ramon Lopez announced that five government-to-government agreements were signed, covering the expansion of renewable energy deployment, scientific and technological cooperation, transportation, the Cebu port loan and the establishment of a Joint Commission For Trade And Economic Cooperation.
Presidential Spokesman Harry Roque added that a memorandum of understanding would provide for mutual visits, training and exchanges between the Presidential Communications Operations Office and South Korea’s Ministry of Culture, Sports, and Tourism.
During Duterte’s visit, Korean President Moon Jae-in agreed to significantly increase trade between Manila and Seoul.”©”©
Duterte and Moon discussed various issues in a meeting at the Blue House, including political and economic cooperation, defense and security, trade and investments, infrastructure, information and smart technologies, agriculture, protection of nationals, and the environment.
In a joint statement, President Moon said the Philippines and South Korea will continue to develop their substantive cooperation “to ensure that the people of our two countries will be able to fully grasp the fruits of this cooperation.”
“In this regard, the two leaders agreed to significantly increase our bilateral trade volume that currently stands at approximately $15 billion and to further expand the investment between our two countries,” he said.
The Korean leader said the Philippines is a key partner in implementing the New Southern Policy that his government is “vigorously carrying out.”
Moon said the Republic of Korea will actively participate in Philippine development.
“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 info-communications as well as science and technology,” he said.
On the protection of both Filipinos and Koreans, the leaders agreed to make extensive efforts to protect the safety, rights, and interest of both nationals, including cooperation between the respective public safety authorities.
“President Duterte promised to pay closer attention and provide support towards protecting the lives and the safety of Korean nationals in the Philippines,” he said.
The Korean government will likewise strengthen the protection and support for the multicultural families and migrant workers from the Philippines.
“We will actively safeguard the human rights through a variety of institutional support, including counseling centers for foreign workers and multicultural family support centers,” Moon said.
He also cited the keen interest and support displayed by President Duterte in efforts to achieve complete denuclearization and permanent peace on the Korean Peninsula.