Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Korea, Philippines to expand cooperation in nuclear energy, critical minerals
President Lee Jae Myung and Philippine President Ferdinand Marcos Jr. shake hands ahead of their summit at Malacanang Palace in Manila, Philippines, Tuesday. Yonhap
By Anna J. Park
Following summit, Seoul and Manila pledge to boost trade and investments under FTA
Korea and the Philippines agreed to expand cooperation on nuclear power projects and critical mineral supply chains, President Lee Jae Myung announced Tuesday, following a summit during his two-day state visit to Manila.
Speaking at a joint press conference after talks with Philippine President Ferdinand Marcos Jr. at Malacanang Palace, Lee said the two countries decided to strengthen practical cooperation in the nuclear energy sector.
“We agreed to enhance substantive cooperation in the field of nuclear power,” Lee said. “Based on the results of the feasibility study on resuming the Bataan Nuclear Power Plant and the memorandum of understanding (MOU) on cooperation for the introduction of new nuclear power projects, our two countries will position themselves as optimal partners in nuclear energy cooperation.”
Construction of the Bataan Nuclear Power Plant began in 1976 but was suspended in the mid-1980s. In 2022, the Philippine government decided to revive the long-dormant project to address chronic electricity shortages with the goal of beginning operations by 2032.
In 2024, under the previous Yoon Suk Yeol administration, Seoul and Manila signed an MOU to jointly conduct a feasibility study on resuming construction of the Bataan facility. The study is currently underway.
Building on that framework, the two sides agreed at the summit to move beyond the feasibility stage and deepen cooperation across Manila’s wider push to introduce nuclear power. Officials said a significant role for Korea in the project could give Seoul a strategic foothold in the fast-growing Southeast Asian nuclear energy market.
President Lee Jae Myung speaks at a joint press conference with Philippine President Ferdinand Marcos Jr. after their summit at Malacanang Palace in Manila, Philippines, Tuesday. Yonhap
Lee also emphasized cooperation in critical minerals, describing the two nations as “ideal partners,” with Korea possessing advanced technologies and the Philippines abundant mineral resources.
“We agreed to expand collaboration on critical mineral supply chains through the MOU on critical minerals cooperation,” the Korean president said.
The agreement is expected to ensure a stable supply of nickel from the Philippines, the world’s second-largest producer of the metal, which is a key raw material for rechargeable batteries. The MOU is also seen as helping Korea diversify its battery material supply chain, which has been heavily dependent on China.
President Lee Jae Myung and Philippine President Ferdinand Marcos Jr. hold an expanded summit session at Malacanang Palace in Manila, Philippines, Tuesday. Yonhap
In addition, the two countries agreed to expand trade and investment under their free trade agreement (FTA). They pledged to boost utilization of the Korea-Philippines FTA by strengthening cooperation in intellectual property and agriculture, a move aimed at facilitating greater market access for businesses in both countries.
The two governments signed 10 MOUs spanning artificial intelligence, digital cooperation, defense procurement, veterans' affairs and police collaboration.
During the summit, Lee underscored the deep historical ties between the two nations.
“During the Korean War, the Philippines was the first Asian country to send young soldiers who fought and shed blood to defend the Republic of Korea,” Lee said.
Marcos echoed the sentiment, expressing appreciation for the Korean people.
“The Filipino people hold deep gratitude and affection for the people of the Republic of Korea,” he said, noting that Korean cuisine enjoys widespread popularity in the Philippines.