Korea and Philippines sign 10 MOUs to broaden strategic partnership

Mar 04, 2026, 09:49 am

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South Korean President Lee Jae-myung and Philippine President Ferdinand Marcos Jr. shake hands after delivering a joint press statement at Malacañang Palace in Manila on March 3. / Yonhap

South Korean President Lee Jae‑myung and Philippine President Ferdinand Marcos Jr. agreed Tuesday to strengthen practical cooperation in trade, infrastructure and defense industries while expanding collaboration into emerging sectors such as shipbuilding, nuclear power and artificial intelligence.

The two leaders held a summit in Manila and delivered a joint press statement at Malacañang Palace, where they reaffirmed their commitment to advancing the bilateral “strategic partnership.”

“During today’s summit, President Marcos and I agreed to further strengthen practical cooperation in trade, infrastructure and defense industries and expand cooperation into new strategic growth areas such as shipbuilding, nuclear power and AI,” Lee said.

Nuclear power, defense cooperation highlighted

The leaders agreed to enhance cooperation in nuclear energy projects, including efforts related to the possible revival of the Bataan Nuclear Power Plant.

Lee said the two countries would strengthen practical collaboration in nuclear energy based on a feasibility study on the Bataan plant’s restart and a memorandum of understanding on cooperation for introducing new nuclear power projects.

Construction of the Bataan plant began in 1976 but was halted due to political changes. The Philippine government announced in 2022 plans to revive the project to address severe electricity shortages.

The two sides also agreed to promote participation by South Korean defense companies in the Philippine military modernization program under an implementation arrangement on defense procurement signed during the summit.

Shipbuilding synergy emphasized

Lee highlighted the potential for stronger cooperation in shipbuilding, noting that the two countries are among the world’s leading shipbuilding nations.

“As the world’s second- and fourth-largest shipbuilders by vessel construction volume, the potential for cooperation between our two countries is enormous,” Lee said, expressing expectations for stronger competitiveness and shared growth.

Cooperation on critical minerals and digital technologies

The two governments also agreed to expand cooperation on critical minerals and supply chains based on a new memorandum of understanding.

“South Korea possesses advanced technology while the Philippines has abundant mineral resources, making the two countries ideal partners in the field of critical minerals,” Lee said.

Under another digital cooperation agreement, the countries plan to expand collaboration in science and technology fields including AI, next-generation communications infrastructure and cybersecurity.

Lee also said Marcos pledged to support South Korean companies operating in the Philippines and help resolve their business difficulties.

Ten agreements signed

The two sides signed a total of 10 agreements during the visit, including nine memorandums of understanding and one revised implementation arrangement.

The agreements cover areas such as digital cooperation, trade and investment, and economic collaboration. They also include plans to establish a permanent consultative body to strengthen economic cooperation.

Additional private-sector agreements are expected to be signed during a business forum on March 4, covering shipbuilding, nuclear energy and food exports.

Among them, HD Hyundai Heavy Industries will cooperate with the Philippine Technical Education and Skills Development Authority on shipbuilding workforce training, while Samyang Foods plans to sign a partnership with Philippine retailer S&R for food exports and distribution.

#South Korea #Philippines #Lee Jae-myung #Ferdinand Marcos Jr. #nuclear power