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November 16, 2004

THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES and THE GOVERNMENT OF THE REPUBLIC OF PALAU (hereinafter referred to as the "Parties").

DESIRING to promote the development of the fraternal bond existing between both countries and their people on the basis of friendship and mutual benefits;

RECOGNIZING the benefits to be derived by the two countries from closer cooperation

HAVE REACHED THE FOLLOWING AGREEMENT:

ARTICLE I

1. The Parties will establish a Joint Ministerial Commission (JMC) which will explore the possibilities of promoting relations, particularly in the fields of Economic, Technical and Maritime Cooperation, Trade and Investment, Tourism, Science and Technology, Culture and Labor;

2. The Parties will provide the necessary facilities for the fulfillment and promotion of said cooperation within the framework of existing regulations of each country.

ARTICLE II

The Joint Ministerial Commission will meet at least once every three years subject to financial considerations on both sides or as necessary, alternatively in Koror and Manila.

ARTICLE III

The Agenda of the meeting shall be defined in advance on the basis of mutual agreement.

ARTICLE IV

To facilitate the identification of specific areas in the various fields of cooperation, the Joint Ministerial Commission may appoint sub-commissions and set up working groups or expert meetings which shall meet as often as mutually considered necessary.

ARTICLE V

The Joint Ministerial Commission and the sub-commission may compile working regulations necessary for the performance of their duties, as per existing rules and regulations in their respective countries and in accordance with this Memorandum of Understanding.

ARTICLE VI

The implementation of the decisions taken by the Joint Ministerial Commission may be undertaken through the exchange of official delegations at the department/ministerial level, as and when deemed necessary.

ARTICLE VII

The Joint Ministerial Commission shall be co-chaired by the Department of Foreign Affairs of the Republic of the Philippines and the Ministry of State of the Republic of Palau.

ARTICLE VIII

1. This Memorandum of Understanding shall/will become effective on the date of the later notification by Parties, through diplomatic channels, of the completion of internal requirements for the entry force of this Memorandum and will remain in force for a period of five years.

2. The Memorandum will automatically extend for another five years unless one of the Parties notifies the other in writing and through diplomatic channels of its intention to terminate the Memorandum six months prior to the end of the five-year period.

Done at Koror Polon on Nov. 16, 2004 in two original copies, in the English language, both texts being equally authentic.