The Philippines established diplomatic relations with Korea, in March 1949, but not with North Korea. Since the two nations’ permanent official residences were set up in January of 1954, the two have maintained close, co-operative relations. Some of the major agreements concluded between two nations are: Parcel & Post of 1981, Trade of 1961, Culture of 1973, Economic & Technology of 1985, Science & Technology of 1986, agreement to avoid double taxation in 1986, Investment Guarantee of 1996 and the Extradition of 1996.
The total number of Korean immigrants reached about 7,000 and Korean expatriates numbered 2,708 in 1995. There are 5 Korean construction companies and 2 joint-venture companies located in the Philippines. Its imports from Korea were US$ 2,601.2 million and the exports to Korea were US$ 712.4 million. The Philippines exports mainly copper ore, sugar cane, vegetable oil and fish while it imports steel, textile, machinery types, electrical machinery, tools and the like.