President Ferdinand Marcos was able to secure the cooperation of Korean President Lee Jae Myung in boosting the competitiveness of the Philippine shipbuilding industry as well as enhancing its defense, infrastructure and anti-crime initiatives.
The partnerships were discussed during the bilateral meeting between the two state leaders at the sidelines of the 32nd Asia-Pacific Economic Cooperation (Apec) summit in South Korea last Friday.
Reviving the Philippine shipbuilding industry is currently among the priorities of the Marcos administration to help generate more jobs and spur economic growth.
In September, Marcos led the inauguration of the reopening of the massive shipyard in Subic, Zambales, which was previously operated by the bankrupt Hanjin Heavy Industries and Construction Philippines (HHIC-Phil.), under the new management of HD Hyundai Heavy Industries Philippines (HHIP) and the United States equity firm Cerberus Global Investment LLC.
The facility produced 1.2 to 2 million gross tons of ships-roughly around 20 oil tankers or 30 large container ships before its closure from 2014 to 2018.
During their bilateral talk, Marcos thanked Lee for South Korea’s assistance to the Philippines in times of calamities and protecting the rights and welfare of Filipinos within its jurisdiction. He praised Lee for successfully hosting the latest Apec Summit.
He also said the Philippines and South Korea have already made steady progress in their strategic partnership, which includes a bilateral free trade agreement and also cooperation in defense and security.
Marcos invited Lee to attend the 2026 Association of Southeast Asian Nations (Asean) Summit, which will be hosted by the Philippines.
‘Next year, the Philippines will chair the Asean summits, and I see a real opportunity for us to promote a rules-based order, a more secure and more prosperous region,’ Marcos said.
Lee said he will see if he can find the time to attend the regional forum next year.
He said he considers the Philippines as a ‘special friend’ of South Korea after it sent troops during the Korean War.
‘So the people of Korea will never forget the contributions and dedication and sacrifices made by the Philippines,’ Lee said.