South Korean President Yoon Suk Yeol is currently in the Philippines for a state visit.
Today, October 7, Yoon was welcomed by Philippine President Bongbong Marcos at the Malacañan Palace where the two leaders discussed ways to strengthen their countries’ economic and security ties. This also comes as South Korea and the Philippines mark the 75th anniversary of their diplomatic relations this year.
As reported by the Philippine News Agency (PNA), the Philippine government’s official web-based newswire service, six new agreements were signed between the Philippines and South Korea.
These deals include the Memorandum of Understanding (MoU) between the Philippine Coast Guard and the Korea Coast Guard on Maritime Cooperation; MoU on the Economic Innovation Partnership Program; MoU for Strategic Cooperation on Critical Raw Material Supply Chains; MoU on the Feasibility Study of Bataan Nuclear Power Plant; Loan Agreement on Samar Coastal Road II Project and MoU on the Laguna Lakeshore Road Network Project Phase I (Stage I) and the Panay-Guimaras-Negros Island Bridges Project; and Implementation Program of the MoU between the Department of Tourism and the Ministry of Culture, Sports, and Tourism of the Republic of Korea for 2024-2029.
“We acknowledge the efforts of both sides to enhance bilateral trade and we look forward to implementing our free trade agreement that has been ratified and concurred to by the Philippine Senate. In addition, we recognized our cooperation within ASEAN, and the Republic of Korea’s initiatives, such as the ASEAN Plus Three Emergency Rice Reserve that also benefited ASEAN member states, including the Philippines,” Marcos said.
Marcos and Yoon, the first South Korean leader to visit the Philippines since 2011, attended the Philippines-Korea Business Forum held in the afternoon.
Thirteen business deals between the two countries were inked during the forum, PNA said, citing South Korea’s Ministry of Trade, Industry, and Energy.
“The business-to-business agreements that we have signed today, encompassing sectors such as infrastructure, public-private partnerships, energy, and affordable housing, are a clear indication of the enthusiasm and commitment of our private sectors,” Marcos said in his speech, emphasizing that Korean businesses investing in the Philippines “at this opportune time is a fine strategic move.”
According to reports, South Korea is the Philippines’ fifth-largest exporter, with trade volume between the two nations amounting to $13.65 billion in 2022.
After his two-day state visit to the Philippines, Yoon — along with top dignitaries including Marcos — is scheduled to attend the ASEAN Summit in Laos from October 9 to 11.
