Press Release
August 9, 2010


Sen. Edgardo J. Angara today welcomed the news that the South Korean businesses have made P23.8 Billion's worth of investments in the Philippines for the first quarter of the year alone, making for 52.1% of the total approved foreign direct investments in the country.

"This is an affirmation of the strengthening cooperation of the South Korean and the Philippine governments," Angara stressed, adding that the two countries have deep relations since the [Philippines] sent assistance in the Korean War in 1950.

The Philippine Embassy in Seoul recently assured the Philippine government the diplomatic and trade relations between two countries will continue to warm, especially with current talks of more bi-lateral agreements.

Angara has earlier called to fast-track development of our science and technology foundation through enhanced collaboration with our neighbouring counties--among them Korea--as one of the easiest ways to overcome financial constraints. "We are in talks with Taiwan, Korea, and Japan who are all open and willing to partner with us with research exchange programs and tech-transfer arrangements," said Angara, Chair of the Senate Committee on Education.

The Senator has then urged the DepEd, CHED and the DOST to augment efforts in initiating and maintaining educational exchange ties with South Korea.

Angara, whose home province Aurora has been a recipient of investment agreement from the South Korean government with the Korea Rice Processing Center in Baler, pointed out the many strategic venues where both countries can share links. He has pushed for projects in academic exchanges in the sciences and engineering fields, agriculture facilities acquisition and renewable energy.

He also asserted that the worldwide trend in the regulation of collective investment schemes (CIS) is to have single law to regulate all types of CIS, citing countries such as the UK, Japan, Australia, Korea and Singapore adopting this approach.

"This explains the success of CIS in these countries. It is about time the Philippines follows suit. In this event, we will look forward to more trade agreements with South Korea's businesses and forge stronger relations with a highly strategic partner as South Korea," concluded Angara.

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