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President Rodrigo Duterte and South Korean President Moon Jae-in agreed on Monday there is still room to further solidify the relations of the two countries.

In the opening remarks during the bilateral summit meeting at Cheong Wa Dae in Seoul, Duterte said the two countries have a "special relationship that can only grow stronger with political commitment."

"With the advancement that we have achieved together, there is still room for healthy growth," he said.

He said the Philippines' "deeper engagement" with South Korea is essential to further strengthen individual and collective efforts for greater peace, progress, and prosperity.

Moon, on the other hand, noted there were "plenty of productive discussions" on ways to elevate the long-standing friendly relations of the two countries to an " even higher level in a future-oriented way and to establish regional peace together."

He noted that South Korea is the fifth largest trade partner for the Philippines, with bilateral trade volume reaching $14.3 billion last year.

He also cited that Koreans are the most frequent visitors to the Philippines.

"Nevertheless, I believe there is still enough potential to significantly develop our trade, investment, and people-to-people exchanges," he said.

The Philippines and South Korea are set to celebrate their 70th bilateral relations next year. Celerina Monte/DMS