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Sunday, May 21, 2006
RP, Equatorial Guinea to improve relations
THE Philippines and Equatorial Guinea has agreed to pursue better diplomatic and economic ties, including closer energy cooperation.
President Gloria Macapagal-Arroyo and Equatorial Guinea President Teodoro Obiang Nguema Mbasogo witnessed the signing of three agreements after their bilateral talks.
The agreements were:
* General Agreement on Economic, Cultural, Scientific and Technical Cooperation between the Philippine and Equatorial Guinea governments. It provides for the creation of a joint commission that will be presided by the ministers of foreign affairs of both countries and that will be in charge of planning, follow-through, control and evaluation of projects;
* Agreement on the Reciprocal Promotion and Protection of Investments between the two governments. Under the agreement, each contracting party shall encourage and create favorable conditions for investors in each other’s territory. It also provides for the protection of investments such as the compensation of losses, transfers, and settlement of disputes; and
* Memorandum of Understanding between the government of Equatorial Guinea and the Metropolitan Insurance Company. Both parties agreed to cooperate in conducting a comprehensive study to determine the feasibility of establishing life and non-life insurance industry in the country.
Arroyo also witnessed the ceremonial turnover of the Banco Nacional de Guinea Ecuatorial by the Bank of Commerce to President Mbasogo. The Bank of Commerce served as partner and technical adviser of Equatorial Guinea in establishing its national bank ,which will start operations in June.
Foreign Affairs Secretary Alberto Romulo said Equatorial Guinea has good oil reserves and that the energy department and the Philippine National Oil Company (PNOC) are working on closer cooperation on the matter. House Speaker Jose de Venecia Jr. said there is a proposed oil concession in Equatorial Guinea for the PNOC, aside from bilateral cooperation in the fields of energy.
Romulo said Equatorial Guinea will accredit its ambassador to China with concurrent jurisdiction to Manila. He said the Philippine ambassador in Nigeria is concurrent ambassador to Equatorial Guinea and the Philippines will also create an honorary consul general in Malabo.
He said Mbasogo invited Arroyo to return his state visit to Malabo, the capital of Equatorial Guinea. He said foreign ministers of both countries will also visit each other’s country.
De Venecia also presented the Congressional Medal of Achievement to Mbasogo for his outstanding leadership and in further appreciation of his efforts to establish closer ties between the Philippines and Equatorial Guinea.
Mbasogo, a professional soldier, took over the presidency in 1979 via a coup d;etat from a dictator who reduced his country’s economy to ruin. When he assumed power, he released all political prisoners, re-opened all churches, restored private property to its rightful owners and had a democratic Constitution written.
He was scheduled to visit the agricultural estate of former ambassador Eduardo Cojuangco in Bacolod City on Saturday. On Sunday, he will visit government fisheries and aquaculture projects in Pangasinan.
On Monday, he will visit the Asian Hospital and Medical Center and the Research Institute for Tropical Medicine (RITC) in Muntinlupa City and the energy department and the PNOC before going back to Equatorial Guinea. (JMR/Sunnex)
(May 21, 2006 issue)
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