De Venecia aired the proposal during a dialogue with visiting Speaker Kim Won Ki and six other leaders of the South Korean National Assembly at the historic Manila Hotel last night.

The Speaker led at least 10 senior members of the House of Representatives in welcoming Kim and his party, who are on a three- day official visit to the Philipppines. A Congressional Medal of Achievement was awarded by De Venecia to the visiting South Korean legislator who heads the 17th Assembly of his country’s legislative body.

"We have over 550,000 South Korean tourists and students who visited the Philippines last year. This shows the beginnings of a golden age of Philippine - Korean relations," De Venecia stressed.

The House leader aired hopes that with the growth of economic cooperation between the two countires, South Korea will at least approximate the number of its investors to the Philippines.

According to De Venecia there are at least 200 South Korean firms doing business in the country but the number pales in comparison to the total companies based in China and Indonesia.

De Venecia said that in Indonesia alone, there are over 2,000 South Korean firms that have made the Philippine neighbor an investment haven.

"I hope that with your visit to Korea, we can dramatically increase or enlarge the number of companies of South Koreans in the Philippines. This is especially so because in your delegation, the major political parties are represented," he stressed.

Nevertheless, De Venecia extended the Philippines government’s gratitude for the cooperation demonstrated by South Korea in helping the country modernize its railway facilities. The South Korean government has agreed to finance the modern railway system to Bicol.

He also cited the decision of Han Jin, a leading South Korean firm, to invest almost billion in establishing a major ship repair facility in Subic.

Kim said South Koreans have remained thankful to Filipinos for supporting their country in repelling communist invasion, noting that Filipino soldiers have fought side-by-side with their own troops.

He likewise aired his condolences to the victims of the Southern Leyte landslide tragedy. South Korea was among the first foreign governments to rush to the aid of the landslide victims.

The members of the visiting South Korean legislative group include Yoon Chung Sim, wife of Kim; members of the parliament Lee Hahn Koo, Kim Nak Sung, Chung Eui Yong, Kim Jae Hong, Je Jong Geel and La Kyung Won. Also joining them are chief of staff Kim Yeok Bae; Kim Keyman and Lee Byoung Giel.

South Korean Ambassador Hong Jong Ki accompanied the party to the Manila Hotel dialogue.

De Venecia and Kim agreed to support pieces of legislation in their respective countries that would help improve economic cooperation and peace within the Southeast Asia region.

De Venecia said further discussions will be conducted between him and Kim when he visits South Korea for the holding of the first general conference of all political parties in Asia that will be held in Seoul in September.