The two countries inked a total of 10 memorandums and contracts. In the defense sector, they agreed to such measures as loosening procurement conditions and expanding the range of South Korean companies eligible for no-bid contracts.
‘We will support South Korean defense companies so they can actively participate in the Philippine military’s modernization projects,’ Lee said at a joint press conference after the meeting. The sides also agreed to accelerate cooperation in shipbuilding, a field where South Korea maintains a significant presence, as well as such areas as artificial intelligence and nuclear power.
For South Korea, the Philippines is an important export destination for defense equipment. According to the Stockholm International Peace Research Institute, South Korea ranked 10th globally in defense exports between 2020 and 2024. Of the country’s total exports during this period, Poland accounted for 46% of shipments, while the Philippines was second at 14%.
Economic ties between the two countries are also strong. Nearly 1.35 million South Koreans traveled to the Philippines in 2025, more than 20% of all foreign tourists and the largest single group. There are also signs of growing direct investment, such as HD Hyundai, South Korea’s largest shipbuilding group, establishing a shipyard at Subic Bay in 2025.