Senate ratifies PH agreements with Brunei, South Korea

Senate President Juan Miguel Zubiri (File photo from the Senate Public Relations and Information Bureau)

MANILA, Philippines — The Senate concurred during its plenary session on Wednesday in ratifying two agreements that the Philippines had made — one with Brunei Darussalam and another with the Republic of Korea.

Senators unanimously approved on third reading of Senate Resolution No. 790, which seeks to deepen the economic relations between the Philippines and Brunei Darussalam by enhancing their cooperation on tax matters.

It also aims to address the adverse effects of double taxation on the “free flow of trade and investments” and further strengthen the enforcement of both countries’ domestic laws to reduce tax evasion.

“With 22 affirmative votes, zero negative, and zero abstentions, SRN 790 is hereby ratified and concurred as we have reached the number of over two-thirds [of] votes in the Senate,” Senate President Juan Miguel Zubiri said.

Meanwhile, the Senate also concurred on the ratification of SRN 878, which seeks to promote cooperation between the Philippines and South Korea in the field of social security.

Sen. Imee Marcos, sponsor of the measure and the chair of the Committee on Foreign Relations, earlier said the agreement would make Filipinos in South Korea, including dependents and survivors, equally eligible for social security benefits as South Koreans.

Marcos likewise bared that an “export of benefits” would allow qualified Filipinos to continue receiving social security benefits from South Korea even after their resettlement in the Philippines.

“Conversely, the covered South Korean nationals who migrate to the Philippines may continue to receive benefits from the South Korean social security system, even as Filipinos qualified for Social Security System or Government Service Insurance System benefits may opt to receive their benefits as they leave South Korea,” she said.

With 22 affirmative, zero negative votes, and zero abstentions, Zubiri likewise declared the resolution “concurred.”