State visit of South Korean President Yoon Suk Yeol
PRESIDENT Yoon Suk Yeol's state visit to the Philippines on October 6 and 7 marks a pivotal moment in the 75-year relationship between South Korea and the Philippines. It symbolizes the strong bond between Presidents Yoon and Ferdinand Marcos Jr., and highlights the potential for even deeper cooperation between the two nations.
The state visit brings to light key aspects of our deepening ties, including people-to-people exchanges. South Korea continues to be the Philippines' top source of foreign tourists. At the heart of these exchanges is mutual respect and appreciation for each other's culture. K-culture — from K-pop and K-dramas to K-cosmetics — has become immensely popular in the Philippines. Equally encouraging is the increasing number of Filipinos visiting South Korea, which is evident in the 1,000 visa applications processed daily on average at the Korea Visa Application Center in Manila. Also, the recent deployment of 100 Filipino caregivers to South Korean households reflects the trust South Koreans place in the professionalism of Filipino workers.
Beyond culture, tourism and labor exchanges, the economic dimension of this partnership is also thriving. A business forum during President Yoon's visit will bring together top business leaders, reflecting the high expectations both nations have for their markets. The Philippine Senate's concurrence with the South Korea-Philippines Free Trade Agreement (FTA) last September 23 marks a milestone, promising to further enhance economic ties. South Korea is already the Philippines' 5th-largest trading partner, with bilateral trade reaching $12 billion in 2023, and the impending entry into force of the FTA will create even more opportunities for growth.