During Yoon’s visit to the Philippines, the two countries signed a maritime cooperation agreement on Monday aimed at protecting their interests and ensuring order and safety in Asia-Pacific waters. Philippine President Ferdinand Marcos Jr. and South Korean President Yoon Suk Yeol were present for the signing of a memorandum of understanding between their nations’ coast guards at Malacañang.
“We’ve signed an MOU between the Philippine Coast Guard and the Korean Coast Guard to strengthen understanding, mutual trust, and protect our shared maritime interests, including order and safety in the Asia-Pacific,” said Marcos Jr.
The two leaders reaffirmed their commitment to maintaining an international rules-based order, particularly regarding navigation safety in the South China Sea. Yoon also stated that they agreed the international community would not tolerate North Korea’s nuclear program or its “reckless provocations.”
Yoon’s visit to the Philippines also highlighted South Korea’s efforts to expand its global defense exports, seizing opportunities created by Russia’s invasion of Ukraine. After providing FA-50 fighter jets, corvettes, and frigates to the Philippines, South Korea is now aiming to become the fourth-largest arms exporter by 2027.
Philippines’ multi-billion-dollar military modernization effort
Manila has set aside $35 billion for its military buildup over the next decade, as it continues to confront China in sea and air disputes over contested areas in the busy South China Sea. “Our strategic challenges with China have attracted the attention of defense companies, and this exhibition highlights the support from like-minded nations, many of whom are our partners and allies.”
Global defense contractors showcased their advanced hardware as the Philippines enters a new phase of its multi-billion-dollar military modernization amid escalating tensions in the South China Sea. A total of 291 companies, including Lockheed Martin (USA), Saab (Sweden), Rafael (Israel), and the India-Russia joint venture BrahMos, displayed military technology and weapons systems at an exhibition in Manila last week.
“The Philippines is an emerging market for the defense industry,” said Chester Cabalza, president of the Manila-based think tank, International Development and Security Cooperation”