Marcos eyes Latin America trade pact, secures Korean investments
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GYEONGJU, South Korea — President Ferdinand Marcos Jr. capped the final day of the Asia-Pacific Economic Cooperation (APEC) summit with a series of bilateral meetings and investment pitches aimed at strengthening trade, defense, and energy partnerships, as well as securing the Philippines’ first free trade pact in Latin America.
During a meeting with Chilean President Gabriel Boric, Marcos called for the swift conclusion of the Philippines–Chile Comprehensive Economic Partnership Agreement (CEPA), describing it as a “milestone” that would expand Philippine trade beyond the Asia-Pacific. Both sides agreed to finalize the deal before year’s end.
The CEPA would mark Manila’s first free trade agreement in Latin America.
The two leaders also reaffirmed their support for multilateralism through forums such as APEC and ASEAN amid increasing geopolitical tensions, ahead of the 80th anniversary of Philippines–Chile relations in 2026.
In separate sideline meetings, Marcos met with major South Korean conglomerates to boost economic and defense cooperation.
Shipbuilder Hanwha Ocean proposed supporting the Philippine Navy’s submarine program through the construction of a local base, maintenance hub, and advanced operator training systems. The firm also pledged technology transfer and partnerships with local industries.
The President also discussed energy development with DL Group, whose subsidiary DL E&C is partnering with Meralco on small modular reactor projects — compact nuclear plants that can generate clean power using less land and shorter construction times.
Meanwhile, electronics giant Samsung Electro-Mechanics Co. (SEMCO) presented a P50.7-billion expansion plan for its Calamba, Laguna operations — an investment expected to generate over 3,000 new high-tech jobs.
The deal was reinforced through a supplemental agreement between SEMCO and the Philippine Economic Zone Authority (PEZA), witnessed by Marcos.
The expansion, SEMCO executives said, aligns with the President’s push to transform the Philippines into a manufacturing and innovation hub for the global electronics and electric vehicle supply chain.
The APEC 2025 summit, hosted by South Korea under the theme “Building a Sustainable Tomorrow: Connect, Innovate, Prosper,” concluded with a ceremonial group photo of world leaders in traditional hanbok scarves.
Korean President Lee Jae Myung formally handed over the APEC chairmanship to Chinese President Xi Jinping, who will host next year’s summit.
