On December 4th, South Korean President Yoon Suk-yeol attended the Korea-Philippines Business Forum and highlighted the importance of expanding cooperation in sectors with high demand such as shipbuilding and electronics. In his speech at the Conrad Manila hotel, he noted the rapidly changing global trade environment and encouraged participants to invest boldly in new opportunities based on insightful analysis.

Yoon elaborated on the historical significance of the Philippines as a global trade hub during the Manila Galleon trade in the 16th to 19th centuries, linking Asia, America, and Europe into a singular economic zone. He expressed hope that collaborative economic cooperation between Korea and the Philippines would strengthen, akin to the Manila Galleon trade, with Korean ships transporting Filipino goods globally. He underscored that the core of new cooperation should focus on enhancing manufacturing, energy, and infrastructure modernization.

At the forum, seven memorandums of understanding (MOUs) were signed between companies from both countries, particularly in the areas of nuclear power and shipbuilding. Collaborations include a new MOU between Korea Hydro & Nuclear Power, Export-Import Bank of Korea, and the Philippine power company Meralco to work on the introduction of new nuclear power initiatives, as well as agreements in shipbuilding technology between HD Hyundai and the Philippine Department of Technical Education and Skills Development.