Lee, Philippine president discuss economic cooperation in phone talks
In their first conversation since Lee took office in early June, the two leaders noted that South Korea has become the largest investor in, and the largest source of visitors to, the Philippines, and agreed to continue the momentum in brisk exchange and cooperation, presidential spokesperson Kang Yu-jung said in a written briefing.
"The two leaders discussed expanding trade and investment based on the Korea-Philippines free trade agreement," Kang said.
"They also discussed broadening the mutually beneficial cooperation, including Korean companies' participation in the Philippines' infrastructure projects, such as maritime bridges and railways, as well as the shipbuilding industry," she added.
During the talks, Lee described the Philippines as a "long-standing ally" that was the first Asian nation to participate in the 1950-53 Korean War and sent the largest contingent among Asian countries, according to the office.
Marcos expressed hope for closer cooperation to further advance the strategic partnership, which was elevated last year, it noted. (Yonhap)
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Korea Herald
39 minutes ago
- Korea Herald
[Editorial] Pricing power
Korea faces hard truth that cleaner energy means higher bills; only clear road map can sustain trust President Lee Jae Myung has said what most of his predecessors avoided: If South Korea is serious about cutting greenhouse gases, electricity must cost more. On Aug. 14, Lee told aides that the public must be prepared for higher costs to meet climate targets. For a politician once critical of price hikes, the candor is striking — and politically perilous. Few policies are as explosive as a power bill. The backdrop is the Paris Agreement, which requires nations to submit progressively tougher emissions pledges every five years. By September, South Korea must file its 2035 target, which is expected to aim for a 60-66 percent cut from 2018 levels. That trajectory is intended to keep global warming within 1.5 degrees Celsius and to set the stage for carbon neutrality by 2050. For South Korea, that means phasing out coal and gas, expanding renewables, and investing heavily in transmission and storage. None of it comes cheap. Solar and offshore wind remain multiple times more expensive per kilowatt-hour than nuclear. The necessary infrastructure must be built before any savings materialize. Holding down prices has been costly in its own right. Over the past two years, Korean households have enjoyed some of the lowest electricity rates in the OECD. At times, homes have even paid less per unit than factories — an inversion that distorts incentives. State-run utility giant Korea Electric Power Corp. has absorbed the gap, amassing cumulative deficits exceeding 30 trillion won ($21.5 billion) and more than 200 trillion in debt. Artificially cheap power has also bred excess: South Korea is now the eighth-largest consumer of electricity globally and near the top in per capita use. Correcting these distortions would encourage efficiency, but it will also test public patience. The case for restraint is no less serious. Industrial users have already seen electricity rates rise by roughly 70 percent over the past three years. Push further without relief, and the country's exporters could lose ground just as global competition intensifies. Shift the burden too heavily to households, and the backlash could derail consensus on climate goals altogether. The international context complicates the picture. Data centers built to serve artificial intelligence are straining power grids across the globe. Europe's turn away from Russian gas has left it juggling high costs and fragile supply. Even nuclear, South Korea's long-standing strength, faces risks as rising sea temperatures threaten cooling systems. Meanwhile, climate change itself is swelling demand: Successive summers of record heat are locking in more hours of air conditioning. Energy security now means securing reliable capacity as well as cleaner fuel. What would a credible policy path look like? First, the government should set out a phased and predictable pricing road map, tied explicitly to the 2035 target. Predictability matters more than one-off shocks. Second, support should be targeted: protect low-income households and small businesses directly, while channeling resources to help industry invest in efficiency and low-carbon processes rather than bluntly discounting power. Third, accelerate the 'plumbing' of the transition — new transmission corridors, modern storage and demand-response systems that reward consumers for shifting load. These steps are less visible than solar panels or offshore turbines, but just as decisive in lowering long-term costs. Finally, transparency will be essential. People need to know how the budget is spent, what investments it enables and how progress is measured. Lee is right that higher electricity prices are unavoidable. But appeals to 'climate' alone will not justify steeper bills for households already strained by inflation. Koreans may accept paying more if they can see the bargain: cleaner air, a sturdier grid and a competitive industrial base. What they will not accept are hidden costs and broken promises.
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Ex-minister Cho Kuk to visit late president's grave in 1st public activity after release
Former Justice Minister Cho Kuk plans to visit the grave of late President Kim Dae-jung early this week in his first public activity, days after his release from prison under a presidential pardon, officials said Sunday. Cho will pay his respects at the grave at Seoul National Cemetery on Monday to mark Kim's 16th death anniversary, just three days after he was set free after being granted the Liberation Day special pardon, according to the Rebuilding Korea Party, which he formerly led. Before the pardon, Cho had been serving a two-year term since December for academic fraud concerning his children and unlawful interference with a government inspection. A key party official said Cho could apply to rejoin the party around Monday, raising the possibility of his return to politics ahead of the local elections and legislative by-elections next year. Cho is expected to travel around the nation to meet supporters after his return to the party. Cho, who previously served as an aide to former President Moon Jae-in and a justice minister in his administration, has been a divisive figure in politics, with the academic scandal surrounding his daughter sparking large protests in 2019. (Yonhap)
Korea Herald
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Partisan feuds intensify ahead of contentious bills
- PPP's absence at Lee's inauguration Friday exposes persisting political division - Controversy over presidential pardon for high-profile liberal politicians drags on - DP-sponsored special counsel investigation into PPP sparks resistance South Korea's parliament is expected to vote for contentious bills later this week at the National Assembly's plenary session, which may add to escalating bipartisan strife over a recent presidential pardon and a probe targeting the main opposition party. This is the latest of several recent events contributing to Korea's political polarization, which has continued to deepen in the wake of former President Yoon Suk Yeol's botched martial law imposition in December 2024. The divide was especially noticeable when main opposition People Power Party figures did not attend President Lee Jae Myung's official inauguration ceremony Friday. The party has lambasted the presidential pardon of convicted liberal politicians, effective the same day, as well as the bills to be voted on this week. From as early as Thursday, the National Assembly is poised to process contentious bills put to the vote in the parliamentary session that terminated on Aug. 6. Earlier in August, the People Power Party hinted at filibustering five bills sponsored by the ruling Democratic Party of Korea. These included three bills to weaken an administration's power to organize the boardrooms of KBS, MBC and EBS, respectively; the so-called "Yellow Envelope" bill, which would ban companies from claiming damages incurred by labor unions' strikes; and a Commercial Act revision to enhance minority shareholders' rights to elect a corporate board director. Before Aug. 6, only one of the five, regarding boardroom organization of KBS, passed the parliament, and no plenary session has taken place since. The liberal-leaning parties at the National Assembly have enough seats, if combined, to end a filibuster 24 hours after initiated, meaning a filibuster provides little bargaining power to the People Power Party, which has only 107 lawmakers at the 298-member parliament. People Power Party spokesperson Kwon Dong-wook said in a statement Sunday that these bills sponsored by the liberal parties are "filled with ideological bias." Although Lee pledged to "move beyond old ideological divisions toward dialogue, compromise, and shared progress" in a Liberation Day address Friday morning, the political divide remained visible later that night. At the so-called "civic inauguration" ceremony, the main opposition party's leadership was absent, along with prominent conservatives such as former Presidents Lee Myung-bak and Park Geun-hye and Seoul Mayor Oh Se-hoon. The People Power Party lashed out at the ruling bloc for granting clemency to liberal-leaning politicians. Among them were Cho Kuk, former leader of the minor Rebuilding Korea Party, who was jailed for fabricating his siblings' academic credentials, and Youn Mee-hyang, a former liberal lawmaker who was handed down a suspended sentence for embezzling donations to "comfort women" victims as a former leader of a rights group supporting the victims. Also on Friday, Rep. Ahn Cheol-soo of the People Power Party was seen holding a placard denouncing the pardon of Cho and Youn during the Liberation Day ceremony. Rep. Bak Seung-a of the Democratic Party on Saturday described Ahn's action as a publicity stunt with a political purpose, given that Ahn is one of the candidates vying for the position of party chair. The People Power Party, in the meantime, is also bracing for a special counsel's renewed attempt to conduct a search operation at the party's headquarters in Seoul, as the special counsel seeks to obtain personal information of some 5 million party members. The first attempt, a surprise raid on Wednesday, followed speculations that religious sects, including the Unification Church, may have exerted influence on the party's elections by having religious members join the party. A senior official of the Unification Church, surnamed Yoon, is accused of involvement in the Yoon couple's alleged crimes of influence-peddling in a party election, in return for projects in Cambodia, which were in the church's interests. Wednesday's raid ended in a failure following a 15-hour standoff with party members. Following this, People Power Party chair candidate Kim Moon-soo said in the primary Friday that the special counsel's attempt to seize the list of all 5 million people affiliated with the party, "suppresses democracy" in South Korea.
