Philippines and Equitorial Guinea Strengthen Economic Ties Through Bilateral Agreements

Strategic Insights -

Philippine President Gloria Macapagal Arroyo and Equitorial Guinea President Teodore Obiang Nguema Mbasogo strengthened economic ties between their countries by witnessing the signing of two bilateral agreements on Friday. The agreements aim to boost economic cooperation and create a favorable investment climate between the two nations. The visits also marked the beginning of a four-day state visit by President Mbasogo and his delegation to the Philippines.

Key Takeaways:

  • The General Agreement on Economic, Cultural, Scientific and Technical Cooperation was signed by Philippine Foreign Affairs Secretary Alberto Romulo and Equitorial Guinea's Pastor Micha Ondo Bile, Minister of Foreign Affairs, to establish a joint commission for project planning and implementation.
  • The agreement provides for the creation of a joint commission to oversee sectoral agreements and evaluate projects.
  • The Reciprocal Promotion and Protection of Investments agreement aims to promote a favorable investment climate between the two countries.
  • The agreement provides guidelines for compensation, transfers, and dispute settlement for investments.
  • President Arroyo also witnessed the signing of a Memorandum of Understanding (MOU) between Jose Periquet Jr. of Metropolitan Insurance Company (MIC) and Marcelino Owono Edu of Equitorial Guinea's Ministry of Finance and Budget for a feasibility study on establishing an insurance industry in Equitorial Guinea.
  • President Mbasogo's delegation included his wife, Senora Dona Constancia Mangue de Obiang, and senior officials.
  • President Arroyo welcomed President Mbasogo with full military honors and a cultural presentation at the Philippine Presidential Palace.

Statistics:

  • Equitorial Guinea's President Mbasogo arrived at the Ninoy Aquino International Airport (NAIA) at 12:00 noon on Friday.
  • President Mbasogo's four-day state visit to the Philippines began on the same date.
  • The Bank of Commerce has been the technical adviser for Equitorial Guinea's national bank, the Banco Nacional de Guinea Ecuatorial.
  • The Banco Nacional de Guinea Ecuatorial will commence operations next month.

Sources:

  • Asia Pulse, Manila, May 22
  • PNA (Philippine News Agency) 22-05 1703