South Korea and the Philippines reached an agreement on Tuesday (March 3) to deepen cooperation in defense industry, shipbuilding, and emerging fields to address the escalating geopolitical uncertainties.
According to reports from Reuters, during his state visit to the Philippines, South Korean President Lee Jae-myung met with Philippine President Ferdinand Marcos Jr. in Manila on Tuesday, and the two leaders agreed to enhance collaboration in various areas.
After the meeting, Lee Jae-myung stated, “Both of our countries have agreed to further strengthen cooperation in strategic industries such as infrastructure and defense industry.” They agreed to expand cooperation in shipbuilding, nuclear power, supply chain, artificial intelligence, critical minerals, and other sectors.
South Korea is one of the major trading partners of the Philippines. In recent years, the two countries have been continuously enhancing their bilateral relations. They signed a free trade agreement in 2023 and elevated their relationship to a strategic partnership in 2024.
South Korea has been supporting the modernization of the Philippine military, and amidst Manila and Beijing’s decision to prioritize the development of external military defense capabilities due to territorial disputes in the South China Sea, Seoul signed contracts for frigates and fighter jets with the Philippines.
In 2025, HD Hyundai Heavy Industries Co. Ltd. launched shipbuilding operations in Subic Bay, the Philippines.
South Korea and the Philippines also signed several memoranda of understanding covering areas such as digital technology, specific defense equipment procurement, agriculture, intellectual property, foreign language education, culture, police investigation, etc. Lee Jae-myung emphasized that South Korean companies will continue to assist in the modernization of the Philippine military.
Lee Jae-myung pointed out that South Korea and the Philippines plan to collaborate in the areas of critical minerals and supply chain to enhance economic resilience.
Marcos mentioned that during the meeting, he and Lee Jae-myung also discussed regional and international issues in areas such as the South China Sea and the Korean Peninsula. “Both of us recognize that the uncertainties in geopolitical developments are increasing,” Marcos said. They both agreed on the importance of maintaining a rules-based international order, including territorial delineations at sea.
The leaders of South Korea and the Philippines also discussed the situation in the Middle East. Lee Jae-myung expressed, “We hope the Middle East can restore peace and stability as soon as possible.”
On the same day, the military actions initiated by the US and Israel against Iran caused turmoil in the Middle East and global markets. Following Tehran’s threat to block the Strait of Hormuz, prices of oil and natural gas surged.
This meeting highlighted the determination of both countries to deepen economic and security cooperation under the backdrop of regional tensions. As one of the leading shipbuilding nations globally, South Korea strengthening cooperation with the Philippines will benefit both parties in achieving mutual gains in emerging industries, in response to the increasing pressure brought by China’s expansion.