The Philippines and South Korea formalized seven private-sector agreements on March 5 at the Philippines-Korea Business Forum in Manila, signaling strengthened economic ties following the implementation of their free trade agreement. Trade Secretary Cristina Roque highlighted the deals as evidence of a robust diplomatic relationship translating into tangible economic benefits.
Philippines-Korea Trade Agreements Signed
The agreements span several key sectors. Meralco, Korea Hydro & Nuclear Power, and the Export-Import Bank of Korea will collaborate on developing business and financial models for new nuclear plant projects, encompassing design, engineering, information sharing, and potential financing.
HD Hyundai Heavy Industries and the Technical Education and Skills Development Authority will focus on shipbuilding technology development. S&R Membership Shopping and Samyang Foods Inc. will partner to ensure a consistent supply of Korean food products to the Philippine market.
Belo Medical Group and Ceragem are exploring a partnership to introduce premium wellness devices in the Philippines, beginning with a clinic-based rollout. Innomedics Trading Corp. is building on its August 2024 dermal filler supply agreement with Jetema, anticipating Philippine product approvals in March 2026 and subsequent new product launches.
Cooperation will also advance in the space sector, with the Philippine Space Agency, Ascend International Gateway Inc., the Department of Information and Communications Technology, and the Cagayan Economic Zone Authority partnering with Republic of Korea’s Perigee Aerospace Inc. This collaboration will focus on education, training, and the assembly and launch of a sounding rocket.
The Department of Environment and Natural Resources-Mines and Geosciences Bureau and the Korea Mine Rehabilitation and Mineral Resources Corp. signed a follow-up agreement to continue cooperation in mine-environment initiatives, critical mineral supply chains, and value chain strengthening through joint exploration and research.
These partnerships were facilitated by the Department of Trade and Industry’s Foreign Trade Service Corps and the Philippine Trade and Investment Center in Seoul. The Philippines and South Korea’s free trade agreement, which took effect on December 31, 2024, provides preferential duty-free entry for 11,164 Philippine products, representing $3.18 billion or 87.4 percent of total Korean imports from the Philippines.
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