By Shirin Bhandari | 2026-03-16

South Korea and the Philippines signed a series of agreements covering critical minerals, nuclear energy and defense cooperation during South Korean President Lee Jae Myung's visit to Manila in early March, as both countries seek to deepen economic and security ties.

Lee visited Philippine President Ferdinand Marcos Jr. to emphasize the need for cooperation beyond trade and investment amid shifting geopolitical dynamics. The journey produced a wide-ranging framework for collaboration across commerce, defense industries, infrastructure modernization and technological exchange.

During the Korea-Philippines Business Forum, Lee urged approximately 250 business leaders to invest in emerging opportunities.

Synergies between Seoul and Manila

"The Philippines has critical minerals such as nickel and cobalt, while Korea has advanced manufacturing technologies," Lee said.

"Based on this mutually complementary industrial structure, the two countries will be able to generate strong synergies."

Beyond raw materials, Lee pointed to growing shipbuilding cooperation, citing vessels built by HD Hyundai Heavy Industries at the Subic shipyard as a prime example of expanding industrial ties.

The South Korean-Philippine agenda further extends to energy security, specifically nuclear power development. The Philippines aims to introduce commercial nuclear energy by 2032 to alleviate high electricity costs.

"If Korea's world-class nuclear technology and clean-energy supply capabilities are combined with these efforts, the two countries could build a stable and environmentally friendly energy system together," Lee noted.

Modernizing the Philippine military

Parallel to economic initiatives, the security sector is expected to see expanded collaboration as the Philippines continues its military modernization program. South Korean defense contractors have proposed supplying KF-21 fighter jets, while Korea Aerospace Industries is scheduled to deliver FA-50 combat aircraft by 2028.

The diplomatic push culminated in 10 government-to-government memoranda of understanding covering technology, defense procurement and police coordination.

Separately, the Philippine Space Agency signed an agreement with South Korean rocket firm Perigee Aerospace to support training and experimental launches, a critical step toward establishing a dedicated Philippine spaceport.

The Philippines' equatorial location could reduce fuel requirements and provide safer trajectories over the Pacific Ocean, officials said.

Regional security

During their talks, Marcos and Lee shifted focus to regional security, including tensions in the South China Sea and conflict in the Middle East.

"We both recognized the growing uncertainty in geopolitical developments," Marcos said, emphasizing the need to uphold a rules-based order in the maritime domain.

Closing the forum, Marcos sought to reassure investors that his administration is pushing economic reforms to streamline business procedures.

"In a rapidly changing world, resilience is built not in isolation, but in partnership," Marcos said.

"It is therefore both strategic and principled to work closely with reliable partners such as the Republic of Korea."