MANILA—During the visit of South Korean President Yoon Suk Yeol to the Philippines, a series of 13 business agreements were signed, marking a significant deepening of economic relations between Manila and Seoul. These agreements span several sectors including energy, construction, aerospace, defense, agriculture, and distribution.
According to Philippines News Agency, the deals were finalized as part of the Philippines-Korea Business Forum held at The Manila Hotel. Notable among these agreements are three memoranda of understanding in the energy sector. Samsung C&T Corp and Manila Electric Company (Meralco) agreed to share information and cooperate on potential nuclear technology projects, while Doosan Enerbility signed two MOUs with Meralco and Quezon Power Philippines Ltd. Co., focusing on combined cycle gas turbine and power generation projects.
The construction and infrastructure sector also saw significant collaborations. Samsung C&T will exchange information on infrastructure projects with San Miguel Corp, and RMS Platform established partnerships with the Bases Conversion and Development Authority and Bacoor City for smart city projects. Additionally, Dohwa Engineering and JADPhil signed an agreement to enhance the local engineering workforce.
In the aerospace industry, Korean Air and Cebu Air Inc., which operates Cebu Pacific, agreed on an MOU to share maintenance, repair, and overhaul expertise, as well as to cooperate on aircraft and engine maintenance technologies.
The defense sector deal between Ares Corp and Nextwave Service involves the importation of Korean military equipment, supporting the Philippines’ military modernization program. The Korea Agricultural Machinery Cooperative and the Philippine Department of Agriculture will promote joint development and distribution of agricultural machinery and the establishment of an industrial complex in Cabanatuan City.
Additionally, in the distribution sector, Wannabe Cosmetic and Lipstick Please Marketing Corp. have entered into a deal to distribute the Korean beauty brand Orgena and Unibis products in the Philippines, focusing on local hotels.
The Philippine Chamber of Commerce and Industry and the Federation of Korean Industries signed an MOU aimed at expanding bilateral economic relations further. “Korea remains a key trading partner of the Philippines, with significant investments in infrastructure, electronics, and energy,” said PCCI president Enunina Mangio. “As we move forward, the potential for further cooperation remains vast in many sectors, particularly in the fields of technology, renewable energy, agriculture, and innovation.”