The time has come for the Philippines and South Korea to level up their ties into a strategic partnership, President Ferdinand R. Marcos Jr. declared on Monday.
“As we chart the future direction of our relations, the way forward is clear. The time has come for us to elevate the ties between the Philippines and the Republic of Korea to a Strategic Relationship,” President Marcos said during the bilateral meeting with South Korean President Yoon Suk Yeol in Malacañang.
“This idea must be as concrete as the foundation from which our bilateral relationships stand. As the geopolitical environment is only becoming more complex, we must work together to achieve prosperity for our peoples and to promote a rules-based order governed by international law, including the 1982 UNCLOS and the binding 2016 Arbitral Award,” the President said.
President Marcos also told Yoon that he looks forward that his counterpart’s visit will bring a very meaningful meeting between the two countries not only on the political level but on the levels of other sectors such as trade, defense and security, and other areas they could identify and explore.
The bond between the Philippines and South Korea have continued to grow, the President said, noting the two nations have robust partnership in a myriad of fields of cooperation, including defense and security, maritime cooperation, trade, development, and people-to-people exchanges.
For his part, Yoon said he hopes his state visit will serve as an opportunity to not only further enhance trade and economic cooperation but also widen the scope of the partnership to include future-oriented sectors such as security, digital technology, and energy.
“I look forward to a fruitful discussion on ways to take great strides in our bilateral cooperations today,” he said.
The Philippines and SoKor established diplomatic relations on March 3, 1949, with the two countries marking this year the 75th anniversary of the establishment of diplomatic relations.
In 2023, SoKor was the Philippines’ fifth top trading partner, fifth export destination (out of 205), and fourth largest import source (out of 220).
The East Asian country was also the Philippines’ fifth largest source of Foreign Direct Investments (FDI) in 2021. The FDI from SoKor amounted to US$20.82 million from January to November 2023, up from US$20.51 million in 2022.
Last year, SoKor was the Philippines’ sixth largest source of Official Development Assistance (ODA). Total ODA (grants and loans) from SoKor amounted to US$971.86 million. | PND
