TRADE Secretary Cristina Roque is upbeat on the seven private-sector deals signed on March 5 at the Philippines-Korea Business Forum in Manila.
“These agreements demonstrate how strong diplomatic ties translate into concrete economic gains. Through the Philippines-Korea FTA (free trade agreement), we are creating the conditions for more investments, deeper industrial cooperation and better opportunities for Filipino businesses and workers,” Roque said on Thursday.
The first deal is an agreement between Meralco, Korea Hydro & Nuclear Power and the Export-Import Bank of Korea to jointly develop business and financial models for new nuclear plant projects, including plant design and engineering, information-sharing on energy projects and review potential financing support for Korean-led initiatives.
The second, involving HD Hyundai Heavy Industries, and the Technical Education and Skills Development Authority, covers shipbuilding technology development.
For retail and food, S&R Membership Shopping and Samyang Foods Inc. will partner in maintaining a stable supply of Korean food products in the Philippine market.
Belo Medical Group and Ceragem are exploring a collaboration to introduce premium wellness devices in the Philippines through a clinic-based rollout, with opportunities for broader expansion.
In pharmaceuticals, Innomedics Trading Corp. strengthened its partnership with Jetema following their dermal filler supply agreement signed in August 2024, with Philippine product approvals in March 2026 and new product introductions.
Cooperation was advanced between the Philippine Space Agency, Ascend International Gateway Inc., the Department of Information and Communications Technology, and the Cagayan Economic Zone Authority, in partnership with Republic of Korea’s Perigee Aerospace Inc.
The deal covers education and training initiatives and cooperation in the assembly, test and experimental launch of a sounding rocket, supporting capability-building in the country’s emerging space sector, positioning the Philippines as a gateway to space in the region.
The Department of Environment and Natural Resources-Mines and Geosciences Bureau, and the Korea Mine Rehabilitation and Mineral Resources Corp. signed a follow-up agreement to continue mine-environment cooperation, secure critical mineral supply chains and strengthen value chains through joint exploration, research and development and technical exchanges.
Facilitated through the coordinated efforts of the Department of Trade and Industry’s Foreign Trade Service Corps, and the Philippine Trade and Investment Center in Seoul, the partnerships are expected to expand market access, strengthen supply chains, generate high-quality jobs and accelerate technology transfer across key sectors of the Philippine economy.
The Philippines and South Korea signed an FTA on Sept. 7, 2023, to enhance economic cooperation and trade relations.
It took effect on Dec. 31, 2024, covering provisions for preferential duty-free entry for 11,164 Philippine products, which account for $3.18 billion or 87.4 percent of total Korean imports from the Philippines.