MEMORANDUM OF UNDERSTANDING BETWEEN THE NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY OF THE REPUBLIC OF THE PHILIPPINES AND THE MINISTRY OF ECONOMY AND FINANCE OF THE REPUBLIC OF…
Bilateral
The National Economic and Development Authority (NEDA) of the Republic of the Philippines and the Ministry of Economy and Finance (MOEF) of the Republic of Korea, hereinafter referred to individually as “Participant” and collectively as the “Participants”;
RECOGNIZING the importance of fostering regional partnerships on the basis of the principles of sovereignty, equality, mutual respect, and mutual benefit, as well as of reinforcing cooperation between the Participants, with a view to achieving their respective national development agendas;
CONSIDERING the benefits of and their mutual interest in strategic cooperation within the Economic Innovation Partnership Program (EIPP) as a new model of the Knowledge Sharing Program (KSP) of the Republic of Korea;
PURSUANT to their prevailing laws and regulations as well as the relevant procedures and policies pertaining to cooperation in their respective institutions; and
DESIRING to establish a cooperation framework based on the EIPP for urban and regional development;
HAVE REACHED the following understanding:
Paragraph 1
Objective
| 1.1 |
The objective of this Memorandum of Understanding (hereinafter referred to as the “MoU”) is to establish a framework for the envisaged cooperation between the Participants, based on their mutual interest for the advancement of national, regional, and urban development under EIPP.
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| 1.2 |
The EIPP aims to support NEDA and the Philippine coordinating agencies in the implementation of projects under the EIPP, and to facilitate economic innovation through a comprehensive policy consultation package, which may include the formulation of mid-to long-term development strategies, advancement of relevant regulations, investment and financing plans for projects, and conduct of master plans, preliminary feasibility studies, and feasibility studies.
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Paragraph 2
Scope of Cooperation
Scope of Cooperation
| 2.1 | The Participants will seek out and assess potential development planning collaboration in their respective countries. | |
| 2.2 |
The scope of cooperation is innovation in policy formulation, strategy development, planning, monitoring and evaluation, as well as national, regional, and urban development planning.
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| 2.3 |
The above scope of cooperation is indicative and may be revised upon the review of both Participants based on the project proposals submitted by NEDA and/or the Philippine coordinating agencies to MOEF.
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| 2.4 |
The Participants will implement the above cooperation through the following activities:
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| a. |
knowledge transfers and technical assistance on policy formulation;
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| b. |
joint international symposiums, seminars, workshops, and other events;
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| c. |
dispatch of Korean advisor(s) and assistant(s); and
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| d. |
any other activities as jointly decided by the Participants within their respective mandates.
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Paragraph 3
Project Delivery
| 3.1 |
NEDA will be referred to as the “executing agency”, which will facilitate, execute, and deliver this MoU.
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| 3.2 |
The Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Overseas Infrastructure & Urban Development Corporation (KIND) will be the Korean coordinating agencies for the EIPP.
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| 3.3 |
The Department of Information and Communications Technology of the Philippines (DICT) will be the main Philippine coordinating agency for the EIPP.
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| 3.4 |
The delivery of the cooperation will be based upon project proposals from NEDA and/or the coordinating agencies, to be reviewed, approved, and financed by MOEF.
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| 3.5 |
A separate arrangement for each project proposal, specifying the scope, implementing procedures, and financial arrangements, will be jointly decided upon between the Philippine and Korean coordinating agencies. The responsibilities of the coordinating agencies will also be stated thereunder.
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| 3.6 |
This MoU forms part of the subsequent funding plans and/or arrangements established between the Philippine and Korean coordinating agencies, or any other relevant stakeholders interested in co-financing, to implement the potential development projects.
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Paragraph 4
Good Governance
| 4.1 |
The implementation of this MoU constitutes a commitment by the Participants to apply the principles of good governance and prevent corruption, bribery, and the misuse of funds.
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| 4.2 |
Cooperation between the Participants is subject to their respective laws, regulations, policies, and procedures; thus specific activities that are proposed will require further arrangements or approval.
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| 4.3 |
This MoU is not a treaty and does not create any legally binding rights or obligations for the Participants and their States under international law. It is further understood that nothing in this MoU will be construed as allowing or compelling the Participants to exceed in any way the boundaries of their respective jurisdiction, laws, regulations, procedures, and policies , as well as their available resources .
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Paragraph 5
Intellectual Property, Data Protection, Disclosure Rules, and Confidentiality
Intellectual Property, Data Protection, Disclosure Rules, and Confidentiality
| 5.1 |
The Participants will exchange the necessary information to carry out the project(s) under this MoU, subject to the Participants’ data protection and disclosure policies.
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| 5.2 |
Both Participants will respect the intellectual property rights held by the other Participant and any• other stakeholders, as applicable , in the implementation of this MoU.
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| 5.3 |
With respect to any data or information provided by either Participant, any utilization of such data or information will be properly cited and is subject to the relevant laws and regulations, which may require the consent of the supplying Participant or the payment of additional expenses.
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| 5.4 |
If required by the relevant laws and regulations, and subject to the Participants’ respective rules and procedures on data protection and disclosure , any confidential information or documents exchanged between the Participants pursuant to this MoU will be protected and not be disclosed to any third parties without the prior written approval of the supplying Participant.
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Paragraph 6
Resolution of Differences
Any differences arising from the interpretation or implementation of this MoU will be resolved through amicable consultations and negotiations , through diplomatic channels, between the Participants.
Paragraph 7
Effectivity, Duration, and Termination
| 7.1 |
This MoU will come into effect on the date of later written notification by the Participants, through diplomatic channels, indicating that the domestic requirements for its effectivity have been completed.
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| 7.2 |
This MoU will remain effective for five (5) years from the date of signature, unless terminated by either Participant at its sole discretion with at least three (3) months’ prior written notice, through diplomatic channels, provided to the other Participant.
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| 7.3 |
Such notification for termination will revoke any remaining activities planned by the Participants without further consequences, unless stated otherwise in subsequent arrangements(s).
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| 7.4 |
The Participants will take any and all actions necessary to ensure that such termination will not prejudice any activity in progress pursuant to this MoU, unless otherwise jointly decided by the Participants.
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Paragraph 8
Amendments
Any provision in this MoU may be amended by a written addendum signed mutually by the Participants, through diplomatic channels.
Signed in duplicate at Manila, the Philippines, on 7 October 2024, in the English language.
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For the National Economic and Development
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For the Ministry of Economy and Finance
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Authority of the Republic of the Philippines
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of the Republic of Korea
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(SGD.) ARSENIO M. BALISACAN
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(SGD.) CHOI SANG-MOK
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Secretary
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Deputy Prime Minister &
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Minister for Economy and Finance
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