Manila – A series of agreements signed on March 5 at the Philippines-Korea Business Forum in Manila are poised to strengthen economic ties between the two nations, according to Trade Secretary Cristina Roque. Roque stated, “These agreements demonstrate how strong diplomatic ties translate into concrete economic gains. Through the Philippines-Korea FTA (free trade agreement), we are creating the conditions for more investments, deeper industrial cooperation and better opportunities for Filipino businesses, and workers.”
Expanding Cooperation Across Sectors
The partnerships span multiple 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. HD Hyundai Heavy Industries and the Technical Education and Skills Development Authority will focus on shipbuilding technology development.
Retail and food security will also be addressed through a partnership between S&R Membership Shopping and Samyang Foods Inc., aiming to ensure a stable supply of Korean food products in the Philippines. Belo Medical Group and Ceragem are exploring a collaboration to introduce wellness devices, while Innomedics Trading Corp. Is building on a previous agreement with Jetema regarding dermal filler supply, anticipating Philippine product approvals in March 2026.
Space and Resource Management
Significant advancements were also made in space cooperation. The Philippine Space Agency, alongside Ascend International Gateway Inc., the Department of Information and Communications Technology, and the Cagayan Economic Zone Authority, partnered with Republic of Korea’s Perigee Aerospace Inc. To collaborate 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. Renewed their commitment to mine-environment cooperation and securing critical mineral supply chains.
These partnerships are expected to expand market access, strengthen supply chains, generate jobs, and accelerate technology transfer.
Frequently Asked Questions
What is the purpose of the Philippines-Korea FTA?
The Philippines-Korea FTA, which took effect on December 31, 2024, aims to enhance economic cooperation and trade relations between the two countries.
How many Philippine products benefit from the FTA?
The FTA 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.
What sectors are included in the new partnerships?
The new partnerships cover sectors including nuclear energy, shipbuilding, retail, food, wellness, pharmaceuticals, space technology, and mine rehabilitation.
As these agreements move forward, what role will continued collaboration play in shaping the future of Philippine-Korean economic relations?
