NextGen Day

The Philippines still see South Korea as a close ally and steadfast supporter of its development goals.

On October 5, Foreign Affairs Assistant Secretary Neal Imperial stated that Manila acknowledges Seoul as a “global economic leader” and views its industrialization and prosperity over the years as a model at the Korean National Day ceremony in Taguig.

“Its climb, which involved overcoming disputes and other existential difficulties, is truly remarkable. Its quick economic growth and industrialization served as a role model for all developing nations, “stated Imperial.
As a near neighbor and steadfast supporter of the development strategy to improve the Philippine economy and society, Korea is a worldwide economic leader for the Philippines.

Meanwhile, Korean Ambassador Kim Inchul emphasized Seoul’s goal to maximize the connections between the two countries, which could be felt by the citizens of Korea and the Philippines.

“In the entertainment industry, there is a proverb that says, “Talent is universal, but opportunity is not.” To paraphrase, I would say that while friendship across nations is universal, there are few opportunities for our people to truly experience and share it, “said he.

According to the National Economic and Development Authority, Korea is one of the nation’s leading donors of official development assistance, with its contribution alone totaling USD809.9 million as of 2020.

The two nations exchanged the final copy of the framework agreement for a USD3 billion government credit line for 2022 to 2026, which the Philippines might use for its infrastructure projects.

According to the Korean Embassy in Manila, the previous framework agreement, which covered 2017 to 2022, was worth USD 1 billion.

“I am confident this momentum will help our two countries’ friendship become even stronger. True friendship is more necessary in these trying times; a friendship built on empathy, respect, and solidarity, as well as high expectations and the corresponding trust, “added Kim.

With the signing of a Philippine-Korea free trade agreement, Imperial anticipates that these two countries’ relations will deepen over the following years (FTA).

The FTA would encourage economic and technical collaboration, notably on smart farms, movie production, and e-vehicles, and enhance market access for agricultural products from the Philippines.

The DFA states that clinical studies for vaccine manufacture and continuous collaboration amongst the defense industry “are also in the pipeline through this FTA.”

The FTA discussions between Manila and Seoul began in June 2019 and were completed in October 2021, with a target signing date of November 2022.

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