PH, Korea firms sign deals in shipbuilding, nuclear, aerospace
Published Mar 4, 2026 01:41 pm
The Philippines and South Korea have signed several business agreements covering strategic industries such as shipbuilding, nuclear energy, aerospace, and critical minerals, as both countries moved to deepen economic cooperation during the Philippines–Korea Business Forum in Pasay City.
In his speech during the business forum on Wednesday, March 4, President Marcos said the agreements demonstrate the growing enthusiasm of the private sector from both nations to expand economic ties. South Korean President Lee Jae-myung and industry leaders from both countries were also present at the event.
“The business agreements signed earlier today on various industries, including shipbuilding, nuclear energy, aerospace, critical minerals, supply chain and retail, and health and wellness, demonstrate our enthusiasm for our private sector to deepen our strong economic relations,” he said.
“All of these will ripple into significant partnerships that will generate projects, investments, and of course, livelihood,” he added.
PH courting more Korean investments
Marcos said the forum aims to attract more investments that will support inclusive growth and create more jobs.
“Today’s forum celebrates the strong bond between our nations and underscores our commitment to attracting more investment that will drive inclusive growth in our region,” he said.
The President noted that the Philippines continues to position itself as an attractive destination for foreign investors through policy reforms and improved business conditions.
Economic reforms highlighted
Marcos also cited several economic reforms aimed at strengthening the country’s competitiveness and encouraging more foreign investments.
These include the CREATE MORE Act, which provides incentives for major investment projects, as well as the Capital Markets Efficiency Promotion Act, which lowered the stock transaction tax from 0.6 percent to 0.1 percent.
He also highlighted amendments to the Foreign Investments Act and the Retail Trade Liberalization Act, which ease entry requirements for foreign businesses and reduce capital requirements for investors.
In addition, Executive Order No. 18 established “Green Lanes” to streamline permits and approvals for strategic investments.
Strategic PH–Korea partnership
Marcos described South Korea as a reliable partner in promoting economic resilience and regional prosperity.
“In a rapidly changing world, resilience is built not in isolation, but in partnership,” he said.
“It is therefore both strategic and principled to work closely with reliable partners such as the Republic of Korea,” he added.
The President said the two countries aim to channel investments into priority sectors such as automotive manufacturing, electronics, and biotechnology as they continue strengthening their strategic partnership.
The Philippines and South Korea elevated their ties to a strategic partnership in 2024, with cooperation spanning trade, defense, infrastructure, and people-to-people exchanges.