18 July 2008 - President Gloria Macapagal-Arroyo has lauded the Republic of Korea’s (ROK) contributions to the country’s economic development. Receiving ROK Foreign Minister Yu Myung Hwan this afternoon in Malacañang, the President cited the major Korean multi-billion dollar investments in the shipbuilding, power and electronics sectors as a vote of confidence in the Philippines’ attractiveness as an investment destination in Asia.

“Bilateral economic relations are brisk. Korean capital inflows not only generate jobs for thousands of Filipinos, but also confirm that the Philippines is the best value for investment in Asia”, the President said. The President noted that some top investment projects were the result of the Foreign Minister’s direct efforts when he was still the Korean Ambassador to the Philippines. During his tour of duty in the country from March 2004 to July 2005, then Ambassador Yu facilitated the entry of the Korean Electric Power Corporation (KEPCO) and Hanjin Heavy Industries. These efforts earned him the award of the Order of Sikatuna, Rank of Datu. The Foreign Minister, in turn, congratulated the President for overseeing the surge in the Philippines’ economic growth in 2007, when GDP growth was the fastest in 31 years reaching 7.3 percent. The President thanked the Republic of Korea for the substantial development assistance to the Philippines. She said that the Republic of Korea has been very “strategic” in its choice of infrastructure projects and their positive impact on the country’s development. These projects include the Northrail-Southrail Link, Diosdado Macapagal International Airport, Laguindingan Airport and Busuanga Airport. The President mentioned the need for more post-harvest facilities in the Philippines. To help boost the Philippines’ food security efforts, the Foreign Minister expressed his country’s willingness to enter into more grant projects focused on post-harvest facilities, similar to the USD 2.5 million Integrated Rice Milling and Processing Complex grant project in Baler, Aurora. The President added that a new Baler-Casiguran road now being studied would complement ROK projects in the area, further accelerating agricultural development. In anticipation of the 60th anniversary of bilateral relations in 2009, the President emphasized her desire to see ever-expanding relations between the Philippines and ROK. In this regard, she requested Foreign Minister Yu to extend her invitation to President Lee Myung-Bak to visit the Philippines in 2009. In turn, Foreign Minister Yu conveyed President Lee’s invitation to the President to visit ROK also next year. Apart from investments and aid, the President underscored the rapid growth of Korean tourists to the Philippines. In 2007, Korean tourists numbered 653,310 making them the top-ranked tourism market for the Philippines. “We are very happy to have them here,” said the President of the increasing number The President and the Foreign Minister also discussed the candidature of Senator Miriam Defensor Santiago to the International Court of Justice (ICJ), and the Republic of Korea’s emergency donation of USD 300,000.00 for the victims of Typhoon Frank. END