Manila, Oct 7 (IANS): President Yoon Suk Yeol and Philippine President Ferdinand Marcos Jr. agreed on Monday to forge a strategic partnership between the two countries to enhance cooperation in security, economy, energy and other areas, Yoon's office said.
The leaders adopted a joint declaration to establish a strategic partnership during their summit in Manila during Yoon's state visit to the Philippines. It marks the first elevation of ties since the two countries established diplomatic relations 75 years ago, Yonhap news agency reported.
"The establishment of the strategic partnership opens a new chapter in relations between South Korea and the Philippines," Yoon said in a joint press conference.
The Philippines was the first Southeast Asian nation to forge diplomatic relations with South Korea in 1949. It sent the first and largest troop of 7,420 soldiers to Korea when the Korean War broke out in 1950.
The two leaders agreed to enhance cooperation in the defence industry, including the third phase of the Philippines' military modernisation project. South Korea has previously exported FA-50 light attack aircraft, warships and missiles to the country.
On the sidelines of the summit, the two countries' coast guards signed a memorandum of understanding (MOU) on maritime security cooperation, including combating transnational crimes, information sharing and joint search-and-rescue operations.
During the talks, Yoon and Marcos agreed to boost trade and investment by ratifying the bilateral free trade agreement signed in September 2023.
They also agreed to collaborate on major infrastructure projects in the Philippines and strengthen cooperation in new areas, including nuclear energy, digital transformation, and the supply chain of critical minerals.
To support the initiative, South Korea signed an MOU to provide approximately $2 billion from the Economic Development Cooperation Fund to support the construction of the Laguna Lakeshore Road Network and the PGN bridge project, which will connect the three central Philippine islands of Panay, Guimaras and Negros.
Korea Hydro & Nuclear Power (KHNP) and the Philippine government signed an MOU for a feasibility study on the long-dormant Bataan nuclear power plant to inspect whether it is safe to operate. The plant was completed in 1986 but was never activated on safety concerns in light of the Chernobyl nuclear disaster that occurred that year.
The leaders also explored ways to enhance people-to-people exchanges and improve the employment permit system to create better working conditions for Filipinos in South Korea.
Last year, approximately 1.45 million South Koreans visited the Philippines, making them the largest group of foreign tourists, while around 97,000 Filipinos have worked in South Korea.
Since last month, around 100 Filipino home helpers have been employed as part of a Seoul city pilot project to assist households with child care and housework.
During the discussions, Yoon and Marcos agreed to strengthen security cooperation, amid North Korea's evolving missile and nuclear threats and China's growing assertiveness in the South China Sea.
Marcos expressed support for Yoon's unification initiative aimed at achieving a denuclearised Korean Peninsula and committed to collaborating with South Korea on North Korea's denuclearisation.
"The two countries condemned the recent unprecedented surge in the DPRK's ballistic missile launches and its rhetoric regarding the possible use of nuclear weapons," the joint declaration said, urging North Korea to comply with its obligations under relevant UN Security Council resolutions.
"Both countries share concerns about actions in the South China Sea that are inconsistent with the rules-based international order, which undermines peace and prosperity," it noted.