President Gloria Macapagal-Arroyo expressed hope today that South Korean President Lee Myung-Bak could visit the Philippines in March next year during the 60th anniversary of RP- South Korea diplomatic relations. At the same time, the President expressed her desire to also visit Seoul next year.

“I hope during the anniversary of our diplomatic relations he would be able
to visit us,” the President said to Yu Myung Hwan, South Korea’s Minister
of Foreign Affairs and Trade, who paid a courtesy call on the President
this afternoon at Malacanang’s Music Room.

The President and the South Korean minister, who was the former Republic of Korea (ROK) Ambassador Extraordinary and Plenipotentiary to the Philippines
from March 2004 to August 2005, discussed a wide-range of issues that included increased trade and investments.

“It is a homecoming for you. Very many important things happened during your tour of duty here,” the President said.

During Minister Yu Myung Hwan’s tour of duty in the Philippines, ROK ranked as the second largest source of foreign direct investments in 2004 with $1.4 billion fresh Korean investments brought into the country, Foreign Affairs Secretary Roberto Romulo said.

He added that the Memorandum of Understanding (MOU) between the Subic Bay Metropolitan Authority and Hanjin Heavy Industries and Construction was signed on May 14, 2005, which translated to $1 billion investment in shipbuilding industry and made the Philippines the fourth largest shipbuilding yard in the world.

Romulo also said ROK supported the President’s 10-point pro-poor legacy agenda, particularly in the electrification, through KEPCO, of barangays nationwide.

ROK also ranked as the country’s largest source of tourist arrivals, which reached 378,602 Korean tourists in 2004, a 25 percent increase from 303,867
in 2003.

It was also during his tour of duty in the Philippines that the Memorandum
of Understanding between the Department of Labor and Employment and the Ministry of Labor of the ROK on the Sending of Workers to the ROK was signed on April 2004, and implemented in August 2004.

Minister Yu Myung-Hwan arrived this afternoon for a four-day official visit to the Philippines.

On his farewell call, then Ambassador Yu was awarded the Order of Sikatuna with the rank of Datu by the President in recognition of his efforts to deepen the two countries economic cooperation and advancing bilateral relations in general.