Philippines, South Korea scaling up economic cooperation

MANILA, Philippines — The Philippines and South Korea are scaling up economic cooperation through strategic investments under the Luzon Economic Corridor (LEC) and potential collaboration on nuclear energy, the Department of Finance (DOF) said.

Finance Secretary Frederick Go and Korean Ambassador Lee Sang-Hwa reaffirmed their commitment to expanding economic cooperation, including opportunities under the LEC.

The two countries are strengthening their economic partnership through strategic investments in high-value manufacturing, semiconductors, shipbuilding and infrastructure.

The partnership leveraged Korea’s technical expertise and the Philippines’ young workforce, the DOF said.

“These investments represent opportunities for Filipinos through better jobs, improved connectivity and more reliable services. We look forward to working closely with Korea to deliver projects that are truly responsive to the needs of the people,” Go said.

Among the investments mentioned was the expansion of the multilayer ceramic capacitor (MLCC) manufacturing facility of Samsung Electro-Mechanics Philippines in Laguna.

MLCCs are vital components of automobiles, smartphones and other electronic devices.

Go and the Korean envoy also noted SFA Semicon’s proposed expansion investment, HD Hyundai Heavy Industries’ shipbuilding operations in Subic and the construction of two major railway projects that will enhance connectivity across Luzon.

The Philippines and Korea are likewise deepening maritime cooperation through HD Hyundai Heavy Industries Philippines, which is set to launch its first locally built vessel at its Subic shipyard this year.

Korea is also a key partner in the construction of the North-South Commuter Railway and the Subic-Clark-Manila-Batangas Railway, which are touted to slash travel time and cost.

Potential cooperation on nuclear energy to diversify the country’s energy mix and support long-term economic growth was also explored.

“As a trusted and enduring partner, the Republic of Korea remains committed to deepening substantive cooperation with its strategic partner, the Philippines, to build a shared future marked by mutual prosperity, resilience and sustainable growth,” Lee said.