South Korean President Lee Jae Myung is in the Philippines and, with Philippine President Ferdinand Marcos Jr., oversaw the signing of multiple agreements expanding defense industrial cooperation, including provisions easing procurement rules and broadening eligibility for South Korean companies in ongoing Philippine military modernization projects, Nikkei Asia reported on March 4. South Korean companies are also pursuing additional deals involving FA-50 light combat aircraft, KF-21 fighter jets and helicopters, in addition to expanded ship-building and maintenance activity at the Subic shipyard and adjacent facilities.

Manila is accelerating military modernization as it continues to prioritize deterring Chinese pressure in the disputed South China Sea while upgrading platforms that in some cases date back decades. For Seoul, booming global arms demand has reinforced efforts to position South Korea as a competitive alternative supplier capable of delivering advanced systems faster, at a lower cost and with fewer reputational concerns than other suppliers.