PH, South Korea seal seven strategic deals

Seven business agreements between Philippine and Republic of Korea (ROK) firms were signed during the state visit of ROK President Lee Jae Myung to Manila, signaling a broader push to deepen bilateral economic ties in sectors now seen as critical to the Philippines’ long-term growth.

The deals cover energy security, advanced manufacturing, workforce training, aerospace development, healthcare technology, food retail, and critical minerals.

The agreements were witnessed by Department of Trade and Industry (DTI) Secretary Cristina A. Roque, who said they reflect stronger investor confidence after the Philippines-Korea Free Trade Agreement (FTA) took effect on Dec. 31, 2024.

The DTI said the partnerships were facilitated through the combined efforts of its Foreign Trade Service Corps and the Philippine Trade and Investment Center in Seoul.

The agency said the agreements are expected to widen market access, reinforce supply chains, create high-quality jobs, and speed up technology transfer across key Philippine industries.

“These agreements demonstrate how strong diplomatic ties translate into concrete economic gains. Through the Philippines–Korea FTA, we are creating the conditions for more investments, deeper industrial cooperation, and better opportunities for Filipino businesses and workers,” Roque said.

In the energy sector, MERALCO signed a cooperation framework with Korea Hydro & Nuclear Power Co., Ltd. and the Export-Import Bank of Korea to explore possible collaboration on nuclear power development in the Philippines.

The agreement includes possible cooperation on plant design and engineering, information-sharing on energy projects, and a review of potential financing support for Korean-led initiatives.

The nuclear cooperation comes as the Philippines continues to study energy diversification options amid rising demand, grid reliability concerns, and the government’s long-term interest in including nuclear energy in the power mix.

In workforce development, the Technical Education and Skills Development Authority partnered with HD Hyundai Heavy Industries to improve technical education and vocational training in shipbuilding and related technologies.

The agreement is expected to support the country’s maritime and industrial labor force, an area where the Philippines has long sought stronger industry-linked training and higher-value skills.

In retail and food, S&R Membership Shopping and Samyang Foods Inc. formalized cooperation to strengthen their commercial partnership and maintain a stable supply relationship for Korean food products in the Philippine market.

The move reflects the steady rise in demand for Korean consumer goods in the Philippines, where Korean brands, food products, and lifestyle offerings have gained wider commercial traction in recent years.

In healthcare and wellness, Belo Medical Group and Ceragem are exploring a collaboration to introduce premium wellness devices in the Philippines through a clinic-based rollout.

The partnership may later expand beyond clinics, according to the agreement framework outlined by the DTI.

In pharmaceuticals, Innomedics Trading Corporation expanded its partnership with Jetema following the implementation of their dermal filler supply agreement signed in August 2024.

The DTI said the pharmaceutical partnership is aligned with expected Philippine product approvals in March 2026 and the introduction of new products.

In the space sector, cooperation was also advanced among the Philippine Space Agency, Ascend International Gateway Inc., the Department of Information and Communications Technology, and the Cagayan Economic Zone Authority, in partnership with South Korea’s Perigee Aerospace Inc.

The agreement covers education and training initiatives as well as cooperation in the assembly, test, and experimental launch of a sounding rocket.

The DTI said the arrangement is meant to support capability-building in the country’s emerging space sector and position the Philippines as a regional gateway to space-related activity.

In mining and minerals, the Department of Environment and Natural Resources-Mines and Geosciences Bureau and Korea Mine Rehabilitation and Mineral Resources Corp. signed a follow-up agreement to continue cooperation on mine environment work and critical mineral development.

The agreement also seeks to secure critical mineral supply chains and strengthen value chains through joint exploration, research and development, and technical exchanges.

Roque said the range of agreements shows how the Philippines’ economic relationship with Korea is moving beyond conventional trade into higher-value and more technology-intensive industries.

“The Philippines is ready to move up the value chain. With Korea as a strategic partner, we are opening new frontiers—from energy and shipbuilding to space technology and healthcare innovation—ensuring that our industries become more competitive and future-ready,” she added.

South Korea remains one of the Philippines’ major economic partners in trade, investment, tourism, and development cooperation, and the new agreements suggest Manila is aiming to convert that long-standing relationship into deeper industrial and strategic collaboration.