S. Korea partners with PH for tech, port projects

Posted on Thu, 06/07/2018 - 16:04
S. Korea partners with PH for tech, port projects

South Korea has given the country $1 billion in official development assistance — double their original pledge.

The Administration’s recent visit to South Korea entailed signing deals for partnership in fields of science and technology, trade and economy, renewable energy deployment and transformation. President Rodrigo Duterte also mentioned that the Philippines wants to emulate S. Korea seeing as how it has become one of the “most vibrant” economies in Asia.

“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,” said Duterte with regards to the signing of bilateral agreements. He also stated that this would usher in a “new era of stronger cooperation and partnership”.

This big step is one year shy of the country’s 70th year of diplomatic ties with South Korea. As of 2018, the Commission on Filipinos Overseas reports that there are 60,000 Filipinos in SK, while there are 93,000 Koreans living in the Philippines. According to the Philippines Statistics Authority, SK also has been the PH’s 10th largest export market with $157.11 million worth of shipments.