Signing of Agreements 11/21/2011

Malacanan Palace
21 November 2011

President Benigno S. Aquino III and President Lee Myung-bak witnessed the signing of various agreements between the governments of the Philippines and Korea.

The first agreement entitled the Framework Agreement for Grant Aid was signed by Foreign Affairs Secretary Albert Del Rosario and Economic Development Cooperation Minister Kim Sung-hwan of the Development Cooperation Fund Loans and Trade of Korea. They also signed the Framework Agreement Concerning Loans from the Economic Development Cooperation Funds for the Year 2011 through 2013, which enables the Philippine government to obtain loans from Korea up to a maximum of US $500M.

Department of Energy Jose Almendras and Minister Hong Suk Woo of the Ministry of Knowledge Economy signed the Memorandum of Understanding between the Department of Energy of the Philippines and the Ministry of Knowledge of Korea. This involves the setting up of a power plant in the Subic Bay Economic Zone using environment-friendly technology to address the medium-term and long-term projected electricity needs of the Luzon grid.

The Memorandum of Understanding between the Department of Agriculture, and the Ministry for Food, Agriculture, Forestry and Fisheries on the Multi-Industry Cluster Project in the Philippines was signed by Agriculture Secretary Proceso Alcala and Agriculture Minister Suh Kyu-Yong. The MOU is a type of Public-Private Partnership (PPP) business whereby the efficient use of agricultural resources of both countries is promoted through the provision of the necessary technical, financial and other support to advance the agricultural development and create local employment.

Agriculture Secretary Proceso Alcala and Korea Export-Import Bank President Kim Yong-hwan signed the Memorandum of Understanding between the Department of Agriculture and the Export-Import Bank of Korea on the Jalaur River Multi-Purpose Project Stage II. JRMP-II is an irrigation project of the Philippines intended to significantly contribute to sustaining rice self-sufficiency levels by the year 2013. This also includes electricity generation and potable water supply to the residents of Iloilo province.


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[TrueAltaic]

The Philippines has so much untapped potential in many areas. I hope you Filipinos get your act together soon.