Press Release - Gatchalian sees enhanced PH-South Korea ties in 75th diplomatic milestone

Senator Win Gatchalian is hopeful that the country's bilateral relations with South Korea will strengthen in the years ahead amid continuing cooperation between the two countries in key areas.

Gatchalian filed Proposed Senate Resolution No. 946, recognizing the amity and cooperation between The Philippines and South Korea as the two countries celebrate the 75th anniversary of their diplomatic relations. Both nations celebrate their diplomatic relations every 3rd day of March.

"We expect bilateral relations between the Philippines and South Korea to deepen further as the two countries pursue mutually beneficial partnerships on areas of interest to both parties as well as cooperation towards economic progress and development," said Gatchalian, who was designated by Senate President Zubiri as the chairperson of the Philippines-Korea Parliamentary Friendship Association in the Philippine Senate.

The senator noted that South Korea is among the largest development partners of the Philippines. As of 2020, South Korea's contribution to the Philippines has already reached USD 2.1 billion.

A valued trade and investment partner of the Philippines, South Korea ranked 4th in terms of bilateral trade at $15.45 billion and 6th in total approved investments at $90.62 million in 2022.

The two countries also signed a free trade agreement (FTA) in September 2023 to further enhance their bilateral relations. The FTA is expected to remove tariffs on most products from the Philippines and South Korea, as well as enhance investments under the economic and technical cooperation of the trade deal in key industries like smart farming, film production, and electric vehicles, Gatchalian said.

As of June 2022, the Philippine Economic Zone Authority (PEZA) has registered 251 South Korean companies with total investments of P89.86 billion in various economic zones in the country. These South Korean firms employ 44,359 workers and have generated $1.1 billion in export revenues as of August 2022.

Both countries have also launched new platforms for dialogue on harnessing the blue economy, as well as in other areas of cooperation on key marine and maritime issues.

Gatchalian pointed out that