South Korea and the Philippines Strengthen Bonds with Nuclear, Maritime, and Trade Pacts

During his state visit to the Philippines on Monday, South Korean President Yoon Suk Yeol announced the establishment of a strategic partnership with Philippine President Ferdinand Marcos Jr., signaling a new era in bilateral relations.

“This state visit, marking the 75th anniversary of our diplomatic relations, confirms the immense potential for development between our two countries,” Yoon said during a joint press conference following their summit at Malacañang Palace.

The two leaders adopted a joint declaration that centers on enhancing cooperation in defense, security, and maritime affairs. Economic collaboration, mainly through activating the Korea-Philippines Free Trade Agreement (FTA), and strategic partnerships in future-focused fields such as energy and digital technology were also key points.

Yoon highlighted the agreement to boost strategic security cooperation, confirming that South Korea would actively support the Philippines’ Phase 3 Military Modernization Program.

In addition, the leaders signed a Memorandum of Understanding (MOU) on maritime cooperation, focusing on enhancing maritime security, combating transnational crime at sea, sharing information, and improving search and rescue operations.

Yoon underscored the importance of practical economic cooperation, noting that South Korea and the Philippines will expedite the implementation of the Korea-Philippines FTA, signed last September, to stimulate trade and investment.

The two nations also signed an MOU for the Laguna Lake Circumferential Road and the PGN Maritime Bridge construction projects, with plans to utilize South Korea’s Economic Development Cooperation Fund (EDCF) to support these initiatives. Yoon emphasized the significance of these projects, each with approximately $1 billion in funding, making them the largest development cooperation efforts in EDCF history. South Korean companies are expected to play a central role in these infrastructure developments.

Beyond infrastructure, the two countries agreed to broaden cooperation in future-oriented fields, including energy and digital transformation. Yoon and Marcos also agreed to deepen their collaboration on clean energy, particularly nuclear power. A new MOU for a feasibility study on the Bataan Nuclear Power Plant was signed, underscoring their commitment to nuclear energy as a sustainable solution.

The leaders also committed to expanding people-to-people exchanges, strengthening strategic cooperation to uphold a rules-based international order, and working together to denuclearize North Korea in compliance with UN Security Council resolutions. Additionally, they reaffirmed the importance of establishing a maritime order based on international rules in the South China Sea.