The summit between the presidents of Korea and the Philippines on March 3 marked a new era for a bilateral partnership that began with the establishment of diplomatic relations in 1949. Korea is one of only five strategic partners of the Philippines. At the summit, both leaders signed 10 deals to strengthen cooperation in trade and investment, infrastructure, defense, shipbuilding, artificial intelligence, digital technologies, intellectual property, culture and people-to-people exchanges. On the economic and trade front, the Korea-Philippines Free Trade Agreement entered into force on Dec. 31, 2024, anchoring stronger economic relations. Consequently, Korea’s investment in the Philippines has increased fivefold. While the bilateral trade volume amounted to $15.12 billion in 2025, it has not returned to the peak level of $17.5 billion achieved in 2022. This indicates substantial room for further growth. The two leaders signed a memorandum of understanding (MOU) to further institutionalize trade, investment and economic cooperation between the two countries. In accordance with the MOU
