Ministry of Trade Industry and Resources

Following the Korea–Philippines summit held during President Lee Jae Myung’s state visit to the Philippines on March 3, 2026, Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) and Cristina A. Roque, Secretary of Trade and Industry of the Philippines, exchanged the Korea–Philippines Memorandum of Understanding (MOU) on Trade, Investment, and Economic Cooperation in the presence of the two leaders.

From 2019 to 2025, MOTIR and the Philippine Department of Trade and Industry held three meetings of the Korea–Philippines Economic and Trade Cooperation Committee and discussed a broad range of industrial and trade issues. Since the Korea–Philippines Free Trade Agreement (FTA) entered into force in December 2024, Korean companies have expanded their operations in the Philippines in sectors including electrical and electronics, shipbuilding, critical minerals, and infrastructure. Korea’s investment ranking in the Philippines also rose from outside the top ten in 2023 to fourth in 2025, underscoring closer economic cooperation between the two countries.

Building on these developments, the two ministries agreed to refocus the agenda of the Economic Cooperation Committee away from a broad cooperation framework and toward high-potential industries such as shipbuilding, semiconductors, electrical and electronics, and the digital economy. They also agreed to establish a standing consultative mechanism to facilitate timely communication when issues arise and support more flexible, ongoing cooperation.

MOTIR will use the committee as a channel to address issues affecting Korean companies in the Philippines in a timely manner. The ministry plans to hold the 4th Korea–Philippines Economic Cooperation Committee in 2026 to discuss follow-up steps from the recent Korea–Philippines summit, including measures to resolve difficulties facing Korean companies in the local market.