The Philippines and South Korea are scaling up economic cooperation through strategic investments under the Luzon Economic Corridor and potential collaboration on nuclear energy, the Department of Finance (DOF) said, as reported by Philstar Biz.
The Luzon Economic Corridor, a key infrastructure initiative, aims to attract South Korean capital for projects in logistics, manufacturing, and energy. The DOF highlighted that South Korean firms have expressed interest in participating in the corridor's development, which is expected to boost trade and create jobs in the Philippines.
Additionally, the two countries are exploring cooperation on nuclear energy, with South Korea offering its expertise in small modular reactors and nuclear power plant construction. The DOF noted that such collaboration could help the Philippines diversify its energy mix and address long-term power generation needs.