Phl, South Korea ink loan, defense pacts

SEOUL – The Philippine and South Korean governments yesterday signed three memorandums of understanding (MOUs) in defense and sports cooperation, including an $80.4-million loan to mitigate the effects of floods in low-lying towns in Pampanga.

Also included in the signing, which President Aquino and President Park Geun-hye witnessed at the Blue House here, was a loan agreement between the Export-Import Bank of Korea (KEXIM) and the Department of Finance.

The agreement will support the national government’s Integrated Disaster Risk Reduction and Climate Change Adaptation in the low-lying areas of the Pampanga Bay project of the Department of Public Works and Highways and Department of Education.

Flood-control measures will be put in place along the Pampanga river and in 80 flood-prone schools.

The agreement is the second financing agreement to be concluded for the fiscal year between the Philippines and the South Korean government, which supports the priority development projects of the Aquino administration.

Aquino and Park also witnessed the signing of the MOUs on defense cooperation and sports cooperation between the Philippine Sports Commission and Korea’s Ministry of Culture, Sports and Tourism.

In defense cooperation, both the Department of National Defense and the Ministry of National Defense of Korea agreed to maintain “friendly military ties” anchored on “equality, reciprocity and mutual benefit.”

Both agencies will “exchange defense-related experience and information, mutual exchange of visits by officials, military education and training, research and development, military technology cooperation, logistics and maintenance.”

Classified military information will also be transmitted, exchanged or generated within the two countries’ MOU framework.

Defense Secretary Voltaire Gazmin and his counterpart Kim Kwan Jin signed the MOU.

In sports, Foreign Affairs Secretary Albert del Rosario, in behalf of the Philippine Sports Commission, and Yoo Jinryong, minister of Korea’s Ministry of Culture, Sports and Tourism, signed the agreement.

Both Manila and Seoul have agreed to share or “encourage the exchange of experts, specialists and technicians,” which includes training for athletes of the two countries.

The MOU will be in effect for five years and be automatically renewed for a period of five years, unless either side gives a written notice of termination at least six months before the expiry date.

Noy defends trip

Meanwhile, President Aquino appealed to the public not to question his decision to push through with his state visit to South Korea despite the earthquake that struck Cebu and Bohol this week.

In his departure speech yesterday, Aquino said, “We are going to South Korea to take care of the future while we attend to the present. We know that many (of our) investors come from Korea and we aim to attract more of their investments to the country.”

Aquino said he visited Bohol and Cebu on Wednesday to personally check on the condition of the people and that some Cabinet members were asked to stay on to ensure that the victims’ lives would go back to normal at the soonest time possible. – With Aurea Calica