KOREA BULLETIN
The official publication of the Embassy of the Republic of Korea
As Korea consolidates its relations in the Southeast Asian region, we are grateful for the continuous support of the Philippine government. At the 16th Foreign Ministers’ Meeting between the Republic of Korea and ASEAN in Brunei last July, the Philippines, together with the other members of ASEAN, supported Korea’s proposal to hold the ROK – ASEAN Special Summit in Seoul next year. The Special Summit, which commemorates the 25th anniversary of the bilateral dialogue, will be an excellent opportunity to strengthen the strategic partnership of Korea with ASEAN and contribute to the establishment of the ASEAN Community by 2015. The second half of the year yielded positive results and showed potential for sustained economic growth. The inauguration of KEPCO KPS Philippines Corporation, the first ever power plant maintenance technology in the Philippines, highlighted the deepening cooperation between the Philippines and Korea in the energy sector. KEPCO KPS is expected to promote stability in the power supply in the country. We also witnessed the grand launching of the partnership between Yu Eng Kao and LS Industrial Systems, two of our countries main electronics producers and distributors. The partnership will provide a wider option of electronic products and address the growing electronic needs of Filipino consumers. Moreover, the visit of the business leaders from the Korea Importers Association was an excellent opportunity to reinforce the dynamic and increasingly competitive economic relations between our two countries. Korea is also fully committed in further assisting the Philippines through the completion of various development cooperation projects. The Laguindingan International Airport in Cagayan de Oro City and Iligan, which was recently inaugurated and attended by President Benigno S. Aquino III, will serve as the new gateway for tourists in Northern Mindanao. With improved and modern facilities, the airport will boost the development and increase the number of tourists in Mindanao. Another recently completed project is the Modern Rice Processing Complex (RPC) in Davao del Sur. RPC Davao, which is the last RPC constructed, is anticipated to contribute to the Philippine government’s goal of achieving rice self-sufficiency this year. Lastly, our cultural and people-to-people relations continue to flourish. I am very much delighted by the fact that the volume of Korean tourist arrivals exceeded that of last year for the same period. With almost half a million visitors already, Koreans remain the number one tourists in the Philippines. And as the Korean Cultural Center celebrates its second year anniversary, we look forward to more cultural activities that will deepen the existing bonds of amity and friendship between our people. Maraming salamat po.
July 2013
DOTC unveils marker for the EDCFfunded Laguindingan Airport
Photo courtesy of Presidential Communications Operations Office (PCOO).
President Benigno Aquino III led the unveiling of the marker for the Laguindingan Airport at Misamis Oriental last June 11, together with Secretary Joseph Emilio Aguinaldo Abaya of the Department of Transportation and Communications, Ambassador LEE Hyuk of the Embassy of the Republic of Korea and Tae-ik PARK, Chief Representative of the Manila Office of the Korea Export-Import Bank. Also present in the ceremony were Department of Interior and Local Government Secretary Manuel Roxas II, Civil Aviation Authority of the Philippines Director General William Hotchkiss III and businessman Jaime Augusto Zobel Ayala. The Laguindingan Airport was constructed through the support of the Korea Eximbank and the loan from the Economic Development Cooperation Fund (EDCF) amounting to US$48.2 million and an export credit of US$62.8 million, totaling to US$111 million from a total project cost of US$167 million. The airport is currently in the process of installing the Navigation Safety Facilities using Korean technology which is also supported by the EDCF loan of US$13 million and is expected to be finished by June 2014. The Laguindingan International Airport has a passenger terminal size of 7,184 sq. m and can hold 1.9 million passengers on an annual basis. “As another benchmark of cooperation between the Philippines and Korea, I believe that this project will not only contribute to the advancement of the economy and tourism industry in Mindanao, but will also become a useful catalyst in integrating the region,” Ambassador LEE said in his message. To date, the EDCF has supported 18 projects in the Philippines which include the Jalaur River Multipurpose Project and the Puerto Princesa Airport Development Project with a total amount of US$741 million; making significant contributions towards strengthening the bilateral economic ties and cooperation between the Philippines and Korea.
KOREA BULLETIN
1