GOVPH

PHILIPPINES AND THE REPUBLIC OF KOREA SIGN FREE TRADE AGREEMENT

10 September 2023, Seoul. The Philippine Embassy in Seoul is pleased to announce the signing of the Philippines - Republic of Korea Free Trade Agreement on 7 September 2023. 

Philippine President Ferdinand R. Marcos Jr. and ROK President Yoon Suk Yeol witnessed the signing of the PH-ROK Free Trade Agreement by Trade and Industry Secretary Alfredo Pascual and Trade Minister Ahn Duk Geun on the sidelines of the 43^rd ASEAN Summit and Related Summits in Jakarta, Indonesia and on the occasion of the 24^thASEAN-Korea Summit last 7 September 2023. 

The signed PH-ROK Free Trade Agreement augurs well for the deepening economic cooperation between the Philippines and the Republic of Korea and is a testament to our strong trade and investment relations with the ROK, the 5^th largest economy in Asia and the Pacific and the 12^thin the world. 

President Marcos said that the trade agreement would further enhance the vibrant relationship and partnership between the Philippines and ROK, expressing optimism that it would go beyond the government-to-government partnership to involve private firms and private sector partners. 

President Marcos also told President Yoon that “The signing of the FTA is certainly a very big step in that regard. It can only be a successful arrangement for both our countries. I look forward to the expansion of the trade agreement between your country and mine.” 

For his part, President Yoon said that he is eager to elevate the strategic partnership between the Philippines and the Republic of Korea as he emphasized that the PH-ROK FTA “will set another important milestone” in the relationship between the two countries.

 “I’m really also eager to elevate our partnership to a strategic partnership as we have proposed the last time. And in this regard, I believe that the Korea-Philippines Free Trade Agreement signed later today will set another important milestone in our bilateral relations,” the ROK President said. 

PH Trade Secretary Pascual emphasized that, “For the Philippines, this FTA serves as a clear demonstration of the intent to elevate the current bilateral relations with ROK to a stronger strategic partnership. The Philippines’ engagement with ROK is built on trade through market access, economic cooperation, and investments through collaboration in targeted sectors such as critical minerals and supply chains."

The Philippines and ROK began their negotiations for the FTA in June 2019 and concluded in October 2021. The Philippine Embassy, led by H.E. Ambassador Maria Theresa B. Dizon-De Vega and Commercial Counsellor Jose Ma. Dinsay, attended the ceremony for the formal announcement of the conclusion of the negotiations of the Philippines and ROK Free Trade Agreement (FTA) on 26 October 2021.

The newly signed FTA is expected to remove tariffs on most products from the two countries, opening the door to rapid growth in bilateral trade. It is envisioned to help promote the Philippines as a strong market for smart and sustainable investments, ensure major economic gains with enhanced market access to ROK, and yield strategic investments in priority sectors and industries and in emerging economic areas. ROK is a valued trade and investment partner of the Philippines. In 2022, it ranked fourth in terms of total bilateral trade, valued at USD15.45 billion, and sixth in total approved investments, valued at USD90.62 million. END

AMB. DIZON-DE VEGA DISCUSSES HEALTH CARE INITIATIVE PROGRAMS FOR FILIPINO VETERANS WITH THE ROK MINISTRY OF PATRIOTS AND VETERANS AFFAIRS

30 August 2023, Seoul. Ambassador Dizon-De Vega and Defense and Armed Forces Attaché Colonel Enriqueto Deocadez Jr. met with ROK Ministry of Patriots and Veterans Affairs (MPVA) Director-General Kang Yunjin and Veterans Hospital Director Kim Seulki on 30 August 2023.

Both sides discussed veterans affairs cooperation between the Philippines and the Republic of Korea, including jointly working on future programs that will benefit Filipino Veterans in the Philippines such as on healthcare and support for the Philippine Veterans Memorial Hospital.

The Philippine Embassy continues to work with counterparts in the ROK government to honor the 7,420 veterans of the Philippine Expeditionary Forces to Korea (PEFTOK) for their service and sacrifice during the 1950s Korean War. Included in the cooperation and assistance programs are descendants of veterans. The MPVA will work with the Philippine Embassy in Seoul, Office of Defense and Armed Forces Attaché, and the Philippine Veterans Affairs Office (PVAO) on veterans’ support and welfare concerns. END

PH AMBASSADOR BATS FOR GREATER ACCESS TO CLIMATE FUNDING AT 5TH MEETING OF THE GROUP OF FRIENDS OF THE GREEN CLIMATE FUND

35 diplomatic representatives of the Group of Friends of the Green Climate Fund (GCF) in the Republic of Korea (ROK) gathered for its fifth meeting on 24 August 2023 in the GCF Liaison Centre in Seoul. 

24 August 2023, Seoul. Philippine Ambassador to the Republic of Korea Theresa Dizon-De Vega attended the fifth Meeting of the Group of Friends of the Green Climate Fund (GCF) and joined the group in welcoming its new Executive Director Mafalda Duarte.

Ambassador De Vega highlighted the Philippines’ climate action commitments to reduce its greenhouse gas emissions by 75% within the current decade. She likewise reaffirmed the Philippine commitment to being an active member of the GCF where the Philippines currently serves as an Alternate Board Member. Ambassador Dizon-De Vega further welcomed the high-level agreements reached at the last GCF board meeting and expressed hope that the High-Level GCF Pledging Session to be held in Bonn, Germany in October would contribute to the realization of GCF’s Strategic Plan and be reflective of renewed commitment to greater access for climate funding.

The meeting was chaired by Pakistan Ambassador Nabeel Munir who recalled the urgency to act collectively in the face of the climate crisis and to support the most vulnerable communities in the Global South. The US as Co-Chair represented by Deputy Chief of Mission Joy Sakurai joined the Chair in acknowledging the strides made by GCF and the finalization of the latest Strategic Plan. Executive Director Duarte likewise shared her priorities for the next period emphasizing her dedication to streamlining access to ensure climate finance reaches those on the frontlines suffering from the impact of the climate crisis. END