June 4 (UPI) -- Philippine President Rodrigo Duterte was welcomed in Seoul and received investment pledges from the South Korean government during his first summit in Seoul with President Moon Jae-in.
Duterte, who is visiting South Korea for the first time, said he is pleased with Moon's New South Policy, designed to build economic cooperation with members of the Association of Southeast Asian Nations, local news service Oh My News reported Monday.
The presidential Blue House has agreed to expand South Korea's Economic Development Cooperation Fund to the Philippines by $1 billion, Yonhap reported Monday.
The New South Policy focuses on cooperation on the areas of transportation, infrastructure, energy and information technology.
On Monday Moon said more needs to be done although bilateral trade is estimated to be $14.3 billion in 2017, and people-to-people exchange surpassed 2 million.
Moon asked South Korean firms to focus on "new power" projects, and contribute their expertise to the construction of an LNG terminal and a new airport in the Philippines.
The new construction is part of Duterte's "Build, Build, Build" project.
South Korean news service EDaily reported Duterte said he is happy about the pledges of South Korean investments through the EDCF, and requested Seoul cut tariffs on Philippine exports of tropical fruit, including bananas.
Duterte and Moon also agreed to "work together" to eliminate North Korea's nuclear weapons program, according to Yonhap.
Duterte visited the Seoul National Cemetery to pay his respects on Monday.
Philippines forces of 1,468 troops fought in the 1950-53 Korean War.