Fifty-two Korean companies signed deals worth a combined $16 million to export consumer goods to 70 Filipino buyers. The agreements were inked during a Korea-Philippines business partnership event amid President Lee Jae Myung's state visit to Manila. According to the Ministry of Trade, Industry and Energy, a separate bilateral business forum resulted in seven memorandums of understanding (MOUs) to enhance cooperation in sectors like shipbuilding, nuclear power, and consumer goods.
During President Lee Jae Myung's state visit to Manila, a Korea-Philippines business partnership event facilitated deals between 52 Korean firms and 70 Filipino buyers for exporting consumer goods valued at $16 million in total. The Ministry of Trade, Industry and Energy announced this on Wednesday, March 4, 2026.
In a separate bilateral business forum preceding the event, seven MOUs were signed to strengthen ties in shipbuilding, nuclear power, consumer goods, and other areas. One key agreement is a trilateral MOU among Korea Hydro & Nuclear Power (KHNP), the Export-Import Bank of Korea, and the Philippines' electric power firm Meralco, aimed at developing a new business model and talent for nuclear power initiatives.
Another MOU involves HD Hyundai Heavy Industries from Korea and the Philippines' Technical Education and Skills Development Authority, focusing on advancements in shipbuilding technology. Additionally, an agreement was reached between Korean instant noodle producer Samyang Foods and Filipino retailer S&R to collaborate on food exports.
"As the popularity of Korean beauty and food products is rapidly expanding, the government will work closely with relevant ministries and related agencies to actively support Korean companies entering the Southeast Asian market, including the Philippines, which serves as a strategic hub for the region and can create diverse business opportunities," said Industry Minister Kim Jung-kwan in a press release.
