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The outcome of Minister Yu’s visit to the Philippines

Source : Ministry of Foreign Affairs and Trade

1. Minister of Foreign Affairs and Trade Yu Myung-hwan visited the Philippines on July 18 and paid a courtesy call on President of the Philippines Gloria Macapagal-Arroyo, met with Foreign Minister Alberto Romulo and paid a floral tribute at Rizal Monument. 2. With the next year marking the 60th anniversary of the establishment of political ties between the two countries, Minister Yu discussed with President Gloria Macapagal-Arroyo the development of the relations between Korea and the Philippines, which have been making a progress in multiple ways since the establishment of bilateral political ties. President Gloria Macapagal-Arroyo highly valued the increase in investment from Korean companies, which are contributing to the economic development of the Philippines and expressed expectation on continued increase in Korean companies’ investment. 3. Minister Yu also explained the increasing number of Korean residents and visitors in the Philippines and asked the Philippines government to pay keen attention and provide support in protecting Koreans in the country. In response, President Gloria Macapagal-Arroyo stated that she will make utmost efforts to provide assistance in the endeavors. 4. At the Korea-Philippines Foreign Ministers’ Meeting, Minister Yu and his counterpart Alberto Romulo valued expanded exchanges among high-ranking officials, which are contributing to the development of bilateral relations between the two countries, and agreed to further expand people-to-people exchanges in various fields including civil exchanges. 5. At the discussion on the areas of economy and trade, Minister Yu welcomed the expansion of trade between the two countries, which recently has been rising more than 10% on average every year, and stressed that increased investment of Korean companies is making contributions to the improvement of the relations between the two countries. In particular, Minister Yu stated on the launch of the first ship at the dockyard of Hanjin Heavy Industries and Construction in Subic with the presence of President Gloria Macapagal-Arroyo and requested assistance for Korean companies investing in the fields of energy and resources. In response, Foreign Minister Alberto Romulo expressed satisfaction with active investment of Korean companies and stated that he will do his best in supporting Korean companies in their efforts to expand investment. 6. Minister Yu asked the Philippines’ government to pay keen attention to the protection of Koreans given that more than 650000 Koreans visit the Philippines every year and 100000 Koreans reside in the Philippines. Foreign Minister Alberto Romulo responded by saying that he appreciates active participation of Koreans in the Philippines and stated that he will make efforts to protect Koreans in the country. 7. Minister Yu explained the development of the North Korea’s nuclear issue with the recent opening of the Six-party Talks and requested continued interest in peace and stability on the Korean Peninsula from the government of the Philippines. Foreign Minister Alberto Romulo expressed the position that they will work with the ASEAN member nations for peace and stability on the Korean Peninsula as well as in East Asia. Spokesperson of MOFAT *unofficial translation

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