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South Korean President Moon Jae-in pushed on Monday for the elevation of relations between his country and the Philippines to "strategic partnership."

The South Korean leader made the statement during his bilateral meeting with President Rodrigo Duterte at the sidelines of the 30th ASEAN-Republic of Korea Commemorative Summit in Busan.

"Based on our history of friendship and trust, the time is ripe for our two countries to think about elevating our relations to strategic partnership. The elevation of our relations will pave the way for our two countries to engage in greater cooperation that will lead us to come prosperity," he said at the start of the bilateral meeting at The Westin Chosun Busan Hotel.

Moon also hailed the "impressive growth rate of 6 percent" of the Philippine economy each year, saying the country is the "future of ASEAN."

He thanked Duterte for his "outstanding leadership" as he expressed hope that their meeting would further strengthen the cooperation of the two countries.

Duterte, for his part, thanked South Korea for its donation of 100,000 US dollars for the earthquake victims in Mindanao last month.

He also cited that Seoul was one of the largest trading partners and source of foreign direct invstments of the Philippines. South Korea is also one of the major sources of tourist arrivals in the Philippines.

"I assure you that the Philippines will continue to find common cause and purpose with the Republic of Korea towards enhancing our bilateral engagement and promoting peace and stability in the region," Duterte said.

The two leaders also witnessed the signing of several agreements between the two countries in a ceremony held in the same hotel.

The deals include the Social Security Agreement; Implementation Program of the Memorandum of Understanding (MOU) on Tourism Cooperation; and Joint Statement by the ROK and Philippines on the Early Achievement Package of the Negotiations of the Philippines-Korea Free Trade Agreement.

An MOU on Cooperation in Fisheries and MOU on Cooperation in the Field of Education were also inked.

Duterte arrived in Busan early Monday for the summit until Tuesday, November 26. Celerina Monte/DMS