Manila: Philippine President Benigno Aquino and South Korean President Lee Myung-bak witnessed the signing of five agreements.
There has been a "growing volume of development assistance from South Korea", Aquino said during a bilateral meeting with the South Korean leader.
Lee arrived at the presidential palace with his wife Kim Yoon-ok yesterday.
Philippine Foreign Secretary Albert del Rosario and Korean Foreign Affairs and Trade Minister Kim Sung-hwan signed an agreement to facilitate the processing of grants to the Philippines from 2011 to 2013, a statement from the palace said.
The foreign ministers also signed another agreement for a $500 million (Dh1.83 billion) loan from South Korea.
Philippine Agriculture Secretary Proceso Alcala, South Korean Agriculture Minister Suh Kyu-yong, and Korea Export-Import Bank president Kim Yong-hwan signed an agreement to establish a "Multi-Industry Cluster" project to promote agro-industrial development with funds from development loans and private investments.
The two agriculture ministers signed another agreement to sustain rice self-sufficiency levels by 2013, through South Korea's Jalaur River multipurpose project.
Meanwhile, Philippine Energy Secretary Jose Almendras and Korean Minister of Knowledge Economy Hong Suk-woo signed an agreement to set up a power plant in the Subic Bay economic zone in central Luzon.
The presidents' meeting was in preparation for the creation of the Asia-Pacific free trade zone, the foreign affairs department said.
