His Excellency Ambassador Yu Myung-Hwan,
Distinguished guests,
Ladies and Gentlemen,
Friends:

First of all, let me offer my congratulations to your Excellency on your appointment as Vice-Minister of Foreign Affairs and Trade.  This is certainly a well-deserved promotion, knowing your Excellency’s dedication, hard work and brilliance.  Much as I am delighted to hear of this wonderful news, I must admit that I am also saddened, as this would mean saying goodbye to a distinguished ambassador and good friend of the Philippines.

Excellency, on behalf of the Philippine government and the Filipino people, I extend my sincerest gratitude and appreciation for your untiring efforts in enhancing bilateral relations between our two countries.

Indeed, the friendship and cooperation between the Philippines and the Republic of Korea goes way back – from the time of the Korean War more than fifty years ago when Filipino soldiers joined multinational forces to come to the aid of Korea.  Now, the dawn of the 21st century has witnessed increasingly closer ties and greater exchanges between our countries.  The Republic of Korea is currently among the top trading partners of the Philippines.  It also ranked as the second largest source of foreign direct investments in 2004, thanks to the Republic of Korea’s investments in the energy sector.  I am also pleased to note the expansion of Korean investments into the Philippine shipbuilding sector with the signing of the Memorandum of Understanding between the Subic Bay Metropolitan Authority and Hanjin Heavy Industries and Construction on May 14, 2005.

Excellency, let me also express our gratitude for the Republic of Korea’s contribution to our development efforts, in particular, in helping to fulfill Her Excellency President Gloria Macapagal-Arroyo’s Ten Point Agenda for development.  The Republic of Korea is now one of the Philippines’ top donors of Official Development Assistance or ODA.  Implementation of ODA projects, including those under the Economic Development Cooperation Fund, such as the long-awaited Laguindingan Airport Development Project and the South Manila Commuter Rail Project is on track.  Let me assure your Excellency that the agencies concerned are steadfastly working to complete these projects according to their prescribed timetables.  On this note, I wish to thank your Excellency for your instrumental role in facilitating the implementation of these projects and other cooperative initiatives to promote the stability and development of the Philippines.

People-to-people relations or exchanges, although usually dismissed as a less weighty matter compared to political and economic concerns, have also been a priority for the Philippines and the Republic of Korea.  As there is a sizeable Filipino community in Korea, so there is a growing Korean community in the Philippines.

In the area of tourism, the Republic of Korea has consistently ranked as the third largest source of tourist arrivals.  In 2004, the Department of Tourism documented the arrival of over 370,000 Korean tourists to the country, up by almost 25% from the previous year.  On the other hand, the Republic of Korea is fast becoming one of the major destinations of our Overseas Filipino Workers.  On this note, I wish to thank the Korean government for its efforts in helping to assure the welfare and safety of our OFWs in South Korea.  The Republic of Korea’s concern for our OFWs has been especially evident in the implementation of the Employment Permit System beginning in August 2004 and the Philippine-Korea Social Security Agreement, negotiations of which began just last month.

Given these developments, I can indeed sense a great affinity between our two peoples in our shared histories and experiences, having recovered from terrible wars in the past, and financial trials and difficulties in recent years.

Excellency, let me say that it has been an honor to have worked with you.  I hope you have enjoyed your stay here.  I also hope that you will always remember your experiences in the Philippines with fondness even as you embark on a new chapter in your diplomatic career as Vice-Minister.  Congratulations once again on your appointment.  My best and warmest wishes to you and your family.

Excellency, distinguished guests, and friends may I, in conclusion, invite you to a toast:

•  To the good health and success of His Excellency Ambassador Yu;
•  To the good health and success of His Excellency President Roh Moo-Hyun, whose State Visit we look forward to in December of this year;
•  To the continued peace and prosperity of the Republic of Korea; and
•  To the enduring friendship of the Filipino and Korean peoples.