The Republic of Korea celebrates its National Day Thursday.

South Korea has been one of the Philippines' top five investors since 1989. Korean direct investment in the Philippines accelerated in the 1990s. From only one in 1987, investments rose to 300 in the 1990s. Korea is part of the so-called East Asian miracle.

Foreign investments in Korea accelerated in the mid-1980s. Korean manufacturers transferred their production facilities to other countries in response to rapid wage increase in their own country, the appreciation of the Korean currency, and the trade restrictions on Korea’s exports.

Southeast Asia was the major destination of Korean investments. The Philippines has been one of the beneficiaries of Korea’s “Asia-shift.” The composition of the countries’ exports and imports has been affected by structural reforms they instituted.

The Philippines has gone toward manufactured products, especially electronics and electrical products, moving away from primary commodities. In the meantime, South Korea has been replacing light manufactures and textiles with machinery and transport equipment.

A euphoric mood has permeated the Korean people as a result of the recent visit of President Kim Dae Jung to North Korea. It was a milestone event in the reconciliation process that could lead to the reunification of the two Koreas.

With around 660,000 Koreans visiting the Philippines and some 100,000 studying English here, our relationships are strengthened. A total of 42,116 Filipinos reside in the Republic of Korea, around a third of which are overseas Filipino workers.

The Philippines also has an active collaboration with the Republic of Korea in the areas of development cooperation, defense and security, and energy.

We congratulate the government and people of the Republic of Korea led by Their Excellencies, President Lee Myung-bak and Prime Minister Han Seung-Soo, and its Embassy, headed by H.E., Ambassador Choi Joong-Kyung, on the occasion of their National Day. We wish them success in all their endeavors.