South Korea is eager to see increased trade and investment with the Philippines, Korean Ambassador to the Philippines Lee Sang-hwa said on December 5 as he conveyed Seoul's intention to ratify its recently signed free trade agreement with Manila "soon".

Lee said the Senate of the Philippines has also assured him that it would soon concur in the deal's ratification.

Foreign Affairs Spokesperson Ma. Teresita Daza said Manila is classifying the Philippine-Korea FTA as a "treaty," which requires legislative concurrence after executive ratification. Under the agreement, South Korea will lift tariffs on 94.8 per cent of Philippine products while the country will open its market on 96.5 per cent of Korean products.  Tariffs for Philippine bananas and processed pineapple will be gradually eliminated.

The FTA signing last September came more than a year after Manila and Seoul concluded negotiations in October 2021 and did some "legal scrubbing" on the deal's concluded chapter texts.