Australia's Prime Minister Anthony Albanese, left, and Philippine President Ferdinand Marcos Jr., right, pose for a photo after signing the Memorandum of Understanding during his visit at the Malacanang palace in Manila, Sept 8, 2023. (POOL PHOTO VIA AP)

MANILA – Australia and the Philippines on Friday agreed to hold annual defense ministers' meetings as the two nations upgraded bilateral ties to a strategic partnership.

Australian Prime Minister Anthony Albanese signed a strategic partnership agreement with Philippine President Ferdinand Marcos Jr. during his trip to Manila, the first visit by an Australian leader in 20 years.

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Speaking at a joint press conference with Albanese after holding bilateral talks, Marcos said their countries' close ties were "terribly important".

Australia's Prime Minister Anthony Albanese, fourth left, and Philippine President Ferdinand Marcos Jr. hold a bilateral meeting with at the Malacanang Palace in Manila, Sept 8, 2023. (POOL PHOTO VIA AP)

The Philippines last month held military exercises with Australia, its second-largest partner in defense security. It is also one of only two bilateral partners with whom the Philippines has a Status of Visiting Forces Agreement, which allows two countries to undertake joint exercises, high-level visits, dialogues and exchanges.