President Gloria Macapagal-Arroyo formally welcomed visiting Republic of Equatorial Guinea President Teodoro Obiang Nguema Mbasogo during appropriate ceremonies in Malacanang this afternoon.

President Obiang, who arrived in Manila at noon today along with his 39-man delegation for a four-day state visit to the Philippines, was welcomed by President Arroyo upon embarking at Malacanang’s grounds.

Full military honors with a 21-gun salute were tendered to the visiting Equatorial Guinean President while the national anthems of the two countries were played successively.

Afterwards, President Arroyo led the traditional ceremonial walk with the visiting leader.

President Obiang was then introduced to the welcoming Philippine government officials led by Foreign Affairs Secretary Alberto Romulo, House Speaker Jose De Venecia, Trade and Industry Secretary Peter Favila, among others.

Both Presidents then walked down in a laid red carpet toward the main entrance of the Palace and briefly greeted the Pangkat Kawayan Philippines folk band which played instrumental folk songs for them.

The two leaders held a one-on-one meeting at the Palace Music Room, which was followed by an expanded bilateral meeting at the Ramos Music Conference Room.

After the bilateral meeting, the two leaders witnessed the signing of bilateral agreements between the Philippines and Equatorial Guinea.

The first document was the agreement on Economic, Cultural, Scientific and Technical Cooperation between the two governments. Equatorial Guinea Minister of Foreign Affairs Pastor Micha Ondo Bile signed the accord for his country while Foreign Affairs Secretary Alberto Romulo signed the documents for the Philippines.

The signing ceremony at the Malacanang Reception Hall was witnessed by the visiting Equatorial Guinea head of state and President Arroyo.

The agreement provides for the creation of a Joint Commission that will be in charge of planning, follow-through, control and evaluation of projects resulting from sectoral agreements. The commission will be presided by the respective ministers of foreign affairs or their representatives.

The agreement was signed by Minister of Finance and Budget Marcelino Owono Edua and Secretary Romulo.

The second agreement is on reciprocal promotion and protection of investments between the two governments.

Under the agreement, the two governments will help each other encourage and create favorable conditions for each other’s investors in its territory. The agreement also provides guidelines and conditions for the protection of these investments such as compensation for losses, transfers and settlement of disputes.

Equatorial Guinea Minister of Finance and Budget Marcelino Owono Edu and Jose Periquet Jr., MIC president, signed the agreement.

The third accord is a Memorandum of Understanding (MOU) between the government of Equatorial Guinea and the Metropolitan Insurance Company for both parties to cooperate in undertaking a comprehensive study to determine the feasibility of establishing a Life and Non-Life Insurance Industry in Equatorial New Guinea.

It was signed by Minister Edu and MIC president Jose Periquet Jr.

Under the document, both parties agreed to cooperate in undertaking a comprehensive study to determine the feasibility of establishing a Life and non-Life Insurance Industry in Equatorial Guinea.

After the signing, Bank of Commerce president Raul B. De Mesa turned over to President Obiang a plaque for the establishment of the Banco Nacional de Guinea Equatorial to the Philippines.

Foreign Affairs Secretary Alberto Romulo, in an interview after the 15-minute one-on-one meeting between President Gloria Macapagal-Arroyo and the visiting Equatorial Guinea leader and the expanded bilateral meeting in Malacaņang this afternoon, said both countries agreed to form a joint commission that would study and explore the other possible areas of cooperation.

"Both Presidents expect that (the closer energy cooperation) between the two countries would benefit their peoples. The Joint Commission would obviously work out the details," he said.

He said although Equatorial Guinea has been developing its oil resources in the last two decades, it still "lacks technical and professional experience and they are inviting us to help them."

Equatorial Guinea, a tiny oil-rich republic in Central Africa, has 1.28 billion barrels of oil reserves.

Romulo added that Equatorial Guinea has assigned its ambassador to China as the concurrent ambassador-at-large to the Philippines.

The Philippine ambassador to Nigeria is the concurrent ambassador to Equatorial Guinea.

Romulo also revealed that President Obiang has invited President Arroyo to return his visit to the Philippines.

In welcoming President Obiang before their one-on-one meeting, President Arroyo said his state visit is a "historic moment for both countries …although far apart we have a common past," referring to Spanish rule over the Philippines of more than 300 years.

Equatorial Guinea was also under Spanish rule for 190 years, ending with its independence in 1968.

At the same time, she also praised the huge contribution of overseas Filipino workers (OFWs) to the development of the central African nation whose leader is in Manila for a four-day state visit from May 19-22.

At a dinner tendered in honor of President Obiang at Malacaņang’s State Dining Room Friday evening, the President said that the economy of Equatorial Guinea, previously an agricultural country, has risen dramatically because of the recent discovery of its large oil reserves.

"Now with the blessings of oil and the leadership of your Excellency, Equatorial Guinea has achieved a tremendous improvement in its economy and I wish to congratulate your leadership for this, Your Excellency," President Arroyo said.

The President also lauded the expertise and contribution of OFWs to the development of Equatorial Guinea, particularly those involved in the petrochemical and wood industries.

"We are also proud at the same time of the contribution of some of our great Filipino workers to the development of Equatorial Guinea. The Philippines depends on oil imports for energy, but as you have seen, we are blessed with the best knowledge workers in the world," she stressed.

President Arroyo bestowed on Obiang the Order of Sikatuna with the rank of Supremo at Malacaņang’s Study Room before the dinner.

President Obiang, for his part, noted that there are more than 3,000 Filipinos harmoniously working with other nationals in Equatorial Guinea, mostly in the petrochemical and wood industries.

"They are the best ambassadors your country has been able to send to Equatorial Guinea. They testify most eloquently of the technological advances already attained in the above mentioned fields as well as the humane character that characterizes your country," the Equatorial Guinea leader said.

Both Presidents look forward to stronger cooperation between the two countries in the fields of energy, human resources, agriculture, education, fisheries, culture and finance.