Marcos, Lee agree to deepen PH-South Korea trade, defense ties

MANILA, Philippines, August 15 ------ President Ferdinand Marcos Jr. and South Korean President Lee Jae Myung expressed their intention to expand their countries' collaboration in trade and investment, defense and security, and people-to-people exchanges.

The two leaders reaffirmed their commitment to deepening the Strategic Partnership between the Philippines and the Republic of Korea (ROK) during their first telephone conversation on Thursday. Marcos conveyed his warm congratulations and expressed his full support for the administration of Lee, who assumed office on June 4, 2025.

Marcos reiterated the Philippines’ appreciation for the ROK’s longstanding support for the country’s development and advocacies. He also took the opportunity to emphasize the importance of continued international support for the Philippines’ maritime interests and regional stability, in line with international law. Marcos likewise expressed his eagerness to meet with the newly elected leader during the upcoming high-level events, such as the 2025 Asia-Pacific Economic Cooperation Summit to be hosted by the ROK later this year.

For his part, Lee expressed support for deeper engagements between the Association of Southeast Asian Nations (Asean) as the Philippines assumes Asean chairmanship in 2026. The Philippines and the ROK established diplomatic relations on March 3, 1949, marking 76 years of formal ties in 2025. Relations between the two countries were elevated through the Joint Declaration on the Establishment of a Strategic Partnership on October 7, 2024, reflecting a shared commitment to enhance cooperation across key sectors, including political, security, economic, and socio-cultural.

In 2024, the ROK ranked as the Philippines’ fourth largest trading partner, fifth export destination, and fourth biggest import source, with total bilateral trade reaching $13.2 billion. Philippine exports to the ROK are valued at $3.6 billion, while its imports from ROK totalled $9.6 billion.

In 2024, the ROK was the Philippines’ leading source of foreign tourists, making up 26.37 percent of total arrivals.

Source: manilatimes.net