President Yoon Suk Yeol and Philippine President Ferdinand Marcos Jr. shake hands ahead of their bilateral summit at Malacañang Palace in Manila, the Philippines, Monday. Yonhap

MANILA, Philippines — South Korea opened the door to expanding nuclear power plant exports to Southeast Asia by reaching an agreement with the Philippines to assess the feasibility of constructing a nuclear energy facility in the country.

The two countries have also agreed to elevate their relationship to a strategic partnership.

President Yoon Suk Yeol and his Philippine counterpart, Ferdinand Marcos Jr., reached the agreements during their summit in Manila on Monday, which took place during Yoon's state visit to the Southeast Asian country.

The agreement on the nuclear project comes as the Philippine government has decided to reintroduce nuclear power to ensure a stable supply of electricity. The Bataan Nuclear Power Plant was the Philippines' only attempt to establish a nuclear power facility, which began in 1976 but was halted due to safety concerns following the Chernobyl disaster in 1986.

"President Marcos and I noted the importance of nuclear power as a carbon-free energy source and agreed to lay the foundation for nuclear energy cooperation through an MOU on a feasibility study for the Bataan Nuclear Power Plant," Yoon said during a joint press briefing after the summit.

Following the MOU signed by Korea Hydro & Nuclear Power (KHNP) and the Philippine Department of Energy, KHNP will conduct a feasibility study on resuming the construction of the power plant. The study is expected to take around six months.

South Korea expects the study to help KHNP and other nuclear energy-related companies gain a competitive advantage for future participation in the construction once it resumes. Additionally, it could open up opportunities to expand nuclear energy projects to other Southeast Asian nations.

Yoon emphasized that, following South Korea's success in securing a nuclear power contract in the United Arab Emirates in 2009, the South has been chosen as the preferred bidder for a new project in the Czech Republic this year, positioning it as an optimal partner for nuclear cooperation with the Philippines. Marcos also expressed his hope for active collaboration with South Korea in the field of nuclear power.

President Yoon Suk Yeol and Philippine President Ferdinand Marcos Jr. hold a joint press briefing, following their bilateral summit, at Malacañang Palace in Manila, the Philippines, Monday. Yonhap

The two leaders also agreed to forge a strategic partnership, elevating their 75-year diplomatic relationship to a new level of enhanced cooperation across a broader range of areas.

To this end, the two countries agreed to promptly implement the Korea-Philippines Free Trade Agreement (FTA) signed last September to promote bilateral trade and investment.

"The Philippines was the first country in Southeast Asia to establish diplomatic relations with South Korea 75 years ago. During the Korean War, it was the nation that sent the largest contingent of troops from Asia to fight alongside us in defense of South Korea's freedom. The development of our bilateral relationship has been based on this bond of trust and solidarity forged through sacrifice," Yoon said.

"Today, President Marcos and I have established a 'strategic partnership' between our two countries, opening a new chapter in South Korea-Philippines relations."

They also adopted a joint declaration, which represents the first of its kind between the two nations.

In the declaration, the two leaders reaffirmed their mutual interests in maintaining peace and security in the region, committing to participate in both bilateral and multilateral military exercises. South Korea will also take part in the Philippines' military modernization project. Notably, the two countries agreed to enhance maritime security cooperation, focusing on combating transnational maritime crimes, facilitating information exchange, and conducting search and rescue operations.

In the economic sector, the two countries will strengthen the involvement of South Korean companies in large-scale infrastructure projects in the Philippines. This collaboration aims to support the Southeast Asian country's "Build, Better, More (BBM)" initiative, which focuses on promoting economic development and enhancing the welfare of local communities through the construction of significant infrastructure, including bridges, roads, and dams.

President Yoon Suk Yeol and Philippine President Ferdinand Marcos Jr. face each other, alongside key senior government officials, during an expanded discussion session following their summit, at Malacañang Palace in Manila, the Philippines, Monday. Yonhap

As part of the agreement, South Korea will provide the Philippines with $1.95 billion in financial assistance through the Economic Development Cooperation Fund (EDCF), a low-interest loan program designed to support developing countries.

Of this amount, $905 million will be allocated for the construction of the first section of the 37.5-kilometer Laguna Lakeshore Road Network, while the remainder will be used to build a 13-kilometer-long bridge connecting the islands of Panay, Guimaras, and Negros.

The two nations also established a digital innovation partnership to drive the digital transformation of the Philippines, including the digitalization of public administrative services.

The two leaders also discussed regional security issues, particularly North Korea's nuclear threats and military relations between Pyongyang and Moscow, reaffirming the international community's concerted efforts to counter their provocations.

President Yoon Suk Yeol stands next to Philippine President Ferdinand Marcos Jr. to inspect an honor guard, saluting the Korean national flag during an official welcome ceremony at Malacañang Palace in Manila, the Philippines, Monday. Yonhap

In the context of strengthening human exchanges, Yoon noted that South Korea was the largest source of foreign tourists to the Philippines last year, and that over 97,000 Filipino workers have been employed in South Korea since 2004.

He specifically urged the Philippine government to ensure the safety and comfort of South Korean travelers and long-term residents in the country. In response, Marcos Jr. expressed his commitment to providing active support.

Furthermore, the two leaders agreed to improve Korea's Employment Permit System (EPS) for Filipino workers and successfully advance a current pilot program for caregiving workers, thereby strengthening employment cooperation between the two countries.

Meanwhile, earlier in the day, Yoon paid tribute to the Rizal Monument, a site commemorating José Rizal, a prominent independence activist in the Philippines during the Spanish colonial period.

Through a wreath-laying ceremony, the South Korean president honored the history and traditions of the Philippines while reflecting on the shared experiences of both countries as they overcame difficulties, wars, and various domestic challenges.