The MOU on Trade, Economic, and Energy Cooperation was signed on May 14 on Jeju Island, South Korea by Philippine Trade and Industry Secretary Cristina A. Roque and South Korea’s Minister of Trade, Industry and Energy Cheong In-kyo.
“This MOU is the embodiment of President Ferdinand R. Marcos Jr.’s mission to build a nation propelled by strategic global partnerships, environmentally responsible development, and a dynamic industrial sector,” Roque said in a statement.
The MOU focuses on bolstering initiatives in several high-impact areas: renewable energy, electric vehicle (EV) development, and the value-added processing of critical minerals for battery production. These efforts are intended to position both nations as leaders in the emerging green industrial revolution.
South Korea, a global innovator in clean technology, and the Philippines, a key ASEAN economy, see this collaboration as a springboard for building future-ready industries and inclusive economic growth.
“This is a bold declaration of our collective goal of shaping a future-ready, innovation-driven economy anchored on robust global partnerships and equitable growth for all our citizens,” Roque said.
The agreement builds upon the bilateral free trade agreement between the two countries, which took effect in 2024. It expands the economic agenda through deeper cooperation in industrial technology and energy resource development.
As the Philippines looks ahead to its ASEAN chairship in 2026, the partnership underscores its commitment to leading regional cooperation and aligning Southeast Asia with global economic and environmental trends. —Ed: Corrie S. Narisma
