The Republic of Korea's President Yoon Suk-yeol has apologized for the concern he caused the public amid ongoing scandals and his record-low approval ratings.

During a televised address on Thursday, Yoon bowed his head to apologize for causing worry among the ROK people and the controversies surrounding first lady Kim Keon-hee.

"I believe the role of president is not a place to make excuses. All of this is due to my own shortcomings and lack of virtue," he said.

Yoon also outlined his policies for the remainder of this term and pledged that he would push forward major reforms in four areas — medical, pension, labor, and education.

The public address, accompanied by a 140-minute news conference, was held at the Yongsan presidential office in Seoul. It came as Yoon approaches the midpoint of his single five-year term on Nov 10.

In a weekly tracking survey released by pollster Gallup Korea on Nov 1, Yoon's approval rating slid to 19 percent, the first time it fell below the 20 percent mark. Yoon's negative assessment reached an all-time high of 72 percent, with the controversies surrounding his wife, the economy, and lack of communication among the key reasons cited.

Kim has been accused of accepting a luxury bag, stock manipulation, and involvement in state affairs.

Doubts remain whether Yoon's apology will help ease public mistrust, especially on the controversies surrounding the first lady.

Though Yoon apologized, he rejected allegations regarding Kim, said Lam Peng Er, head of the Korea Centre and principal research fellow of the East Asian Institute at the National University of Singapore.

"The opposition will continue to hype up the issue … even within the ruling party, there is actually a split," Lam told China Daily.

Cho Seung-rae, a senior spokesman for the Democratic Party of Korea — the largest opposition party — said in a news briefing that Yoon's address was full of "empty apologies and lame excuses".

Lam said that while Kim's controversies are not likely to seriously affect Yoon's presidency, a key message from his speech was reiterating closer cooperation with the United States and Japan.

The trilateral cooperation will be "a transactional relationship" as the current situation in the Democratic People's Republic of Korea is a matter of great concern to the ROK, Lam said, noting it will have implications beyond the Korean Peninsula.