MANILA: President Ferdinand R. Marcos Jr. is scheduled to hold a bilateral meeting with South Korean President Yoon Suk Yeol at Malacañan Palace in Manila on Oct. 7. Malacañang announced Thursday that Yoon will embark on a state visit to the Philippines from Oct. 6 to 7 upon Marcos' invitation. 'The two Leaders will hold a bilateral meeting to discuss areas of mutual interest such as cooperation in the political, security and defense, maritime, economic and development fields, people-to-people ties, as well as labor and consular matters,' the Palace said in a statement: Malacañang said Marcos and Yoon are also expected to exchange views on regional and international issues. During the bilateral meeting, the two leaders will also reaffirm the vibrant and dynamic relations between the Philippines and South Korea. Yoon"s forthcoming visit will be the first standalone bilateral visit of a South Korean president to the Philippines since 2011. Marcos and First Lady Liza Araneta-Marcos will hold a welcome cere mony for Yoon and South Korean First Lady Kim Keon Hee at Malacañan Palace on Oct. 7. Yoon's visit coincides with the 75th anniversary of the establishment of diplomatic ties between the two countries. Formal diplomatic relations between the Philippines and South Korea were established on March 3, 1949, when the country became the fifth country to recognize the Republic of Korea. South Korea is among the largest development partners of the Philippines with a contribution of USD2.1 billion as of 2020. A valued trade and investment partner of the Philippines, South Korea ranked fourth in terms of bilateral trade at USD15.45 billion, and sixth in total approved investments at USD90.62 million in 2022. Source: Philippines News Agency