Seoul, Jan 18 (IANS): The presidential candidates of South Korea's ruling and main opposition parties will have their first one-on-one TV debate next week, it was announced on Tuesday.

Ruling Democratic Party (DP) candidate Lee Jae-myung will face off against People Power Party candidate Yoon Suk-yeol at 10 p.m. on January 27 for a 120-minute debate jointly hosted by the three terrestrial TV stations KBS, MBC and SBS, reports Yonhap news Agency.

The DP said the broadcasters have requested a four-way debate between Lee, Yoon, Ahn Cheol-soo of the minor opposition People's Party and Sim Sang-jeung of the minor progressive Justice Party after the Lunar New Year holiday in early February.

Lee has accepted the request, it said, asking the other three to also participate.

The election is scheduled to be held on March 8.

Under the South Korean constitution, the President is restricted to a single five-year term in office, meaning the incumbent President Moon Jae-in is ineligible to run for a second term.