By THEPHILBIZNEWS STAFF
The Philippines and South Korea have elevated their relationship to a “strategic partnership” during the state visit of South Korean President Yoon Suk Yeol, marking a milestone in the 75-year diplomatic ties between the two countries.
The visit of President Yoon, the first by a South Korean leader to the Philippines since 2011, has been hailed as a pivotal moment in advancing the shared goals of both nations and further strengthening the long-standing friendship between the two countries.
This partnership was formalized on Monday with the signing of six key agreements aimed at strengthening cooperation in various sectors, including maritime security, energy, infrastructure, and economic development.
President Ferdinand R. Marcos Jr. and President Yoon witnessed the presentation of the newly signed deals at a ceremony held in Malacañang Palace. The agreements include a Memorandum of Understanding (MOU) between the Philippine Coast Guard and the Korea Coast Guard on maritime cooperation, as well as an MOU on the feasibility study of rehabilitating the Bataan Nuclear Power Plant, a long-dormant facility now being eyed for revival as part of the Philippines’ nuclear energy ambitions.
Before the visit, South Korean Ambassador to the Philippines, Le Sang-hwa, said: “President Yoon’s state visit epitomizes not only a celebration of past achievements but a forging of even greater partnership and opportunities. This visit marks a pivotal moment in the already robust relations between our nations, particularly in areas like political ties, security, economy, development cooperation, and people-to-people exchanges.”
Economic and defense, tourism and infrastructure
Economic and defense cooperation took center stage during the summit, with the two leaders discussing collaboration in critical mineral supply chains, energy, defense modernization, and ocean industries.
South Korea has been a key player in supporting the Philippines’ defense sector, particularly in military modernization efforts.
President Marcos emphasized the importance of this partnership, highlighting the “further impetus” it will bring to the deepening cooperation between the two nations in the face of increasingly complex geopolitical challenges.
In addition to defense and security, both countries also aim to enhance economic collaboration. Bilateral trade between the two countries reached $13.65 billion in 2022, with South Korea emerging as one of the Philippines’ top trading partners. Moreover, South Korea remains the largest source of foreign tourists for the Philippines, with 1.45 million South Koreans visiting in 2023.
Among the newly inked deals are agreements related to critical raw materials supply chains, infrastructure projects such as the Samar Coastal Road II and Laguna Lakeshore Road Network, and a loan agreement on the Panay-Guimaras-Negros Island Bridges Project. These initiatives aim to accelerate development in the Philippines and open more opportunities for South Korean businesses in the infrastructure and transport sectors.
Peace and West Philippine Sea
Following the bilateral meeting, President Yoon and President Marcos discussed regional and international issues, including the situation in the West Philippine Sea and the ongoing efforts to achieve peace and stability in the Korean Peninsula. Marcos commended South Korea’s “Audacious Initiative” and “August 15 Unification Doctrine” aimed at promoting stability in the region.
On Tuesday, President Yoon is scheduled to depart for Singapore for the next leg of his state visit tour before heading to Laos to attend the ASEAN-led summit meetings.
During a state luncheon held in honor of President Yoon, House Speaker Ferdinand Martin Romualdez expressed Congress’ full support for the strategic initiatives aimed at deepening the Philippines’ ties with South Korea.
Romualdez underscored the significance of cooperation in areas such as defense modernization, economic exchanges, and cultural collaboration. He noted that South Korea’s willingness to participate in Philippine infrastructure projects, such as the feasibility study on the Bataan Nuclear Power Plant, demonstrates the mutual benefits of this growing partnership.