President Yoon Suk Yeol speaks during a meeting with Korean nationals in the Philippines at a hotel in Manila on Sunday. (Yonhap)

President Yoon Suk Yeol began his state visit to the Philippines on Sunday by honoring fallen soldiers who fought in the 1950-53 Korean War and meeting with Korean nationals in the nation.

Yoon visited the Korean War Memorial Pylon at the Heroes' Cemetery in Manila with first lady Kim Keon Hee on the first day of his two-day trip focused on strengthening economic and security ties.

"South Korea and the Philippines have maintained close, friendly relations, and the Philippines was the first country in Asia and the fifth in the world to establish diplomatic ties with us back in 1949," Yoon said in a meeting with Korean nationals in Manila.

The Philippines dispatched around 7,400 troops to the Korean War to help defend South Korea, with 112 soldiers killed and 299 wounded.

On Monday, Yoon will meet with Philippine President Ferdinand Marcos Jr. to discuss economic cooperation in the supply chain of critical minerals, energy, defense and the oceans industry, his office said.

The Philippines, one of the fast-growing economies in Southeast Asia, is rich in critical minerals, such as nickel and cobalt and is considering use of nuclear energy to meet growing power demand.

Following the summit, Yoon will attend a bilateral business forum to promote Korean companies' bid in major infrastructure and transport projects and explore new business opportunities, according to the office.

Bilateral trade between the two countries reached $13.65 billion in 2022, with South Korea ranking as the Philippines' fifth-largest exporter.

Approximately 1.45 million South Koreans visited the Philippines last year, making them the largest group of foreign tourists.

On Tuesday, Yoon will head to Singapore for a state visit before heading to Laos for a series of annual summit meetings led by the Association of Southeast Asian Nations (ASEAN). (Yonhap)