South Korean's two leading presidential candidates have battled in their final TV debate, as far-left candidate Lee Jung Hee announced she was quitting the race and throwing her weight behind the main opposition candidate Moon Jae-in. Lee has attacked the ruling party candidate Park Geun-Hye, saying an election victory for her would be a disaster for South Korea.

South Korea's presidential candidates Park Geun-hye (R) of the ruling Saenuri Party shakes hands with Moon Jae-in of the Democratic United Party before the third and final round of presidential television debate in Seoul, South Korea, Dec. 16, 2012. [Xinhua]

During their final debate which was televised nationally, Park Geun-hye of the ruling Saenuri Party and Moon Jae-in of the main opposition Democratic United Party, spelled out their policy platforms on welfare, education and science and technology.

Both candidates didn't hold back, blaming each other for the failures of past governments.

Park Geun-Hye, Candidate from ruling Saenuri Party, said, "The upcoming presidential election is very important. Please vote for the future and your life rather than the failed past. If I become a president, I will make promises with people and will change the era beyond the change of government."

Social and welfare issues were front and center during the debate, with both contenders promising to tackle South Korea's low birth rate through expanded childcare services.

Moon Jae-In, Candidate from opposition Democratic United Party, said, "It is known that it usually costs 170,000,000 won to raise a child from the birth to college. People can't have a baby due to the economic burden. It's like they don't want a baby. If a mother gives birth to a child, the government should be responsible for raising the child,"

Park, who is trying to become South Korea's first female president, also showed her strong commitment to come up with policies for mothers.

Park Geun-Hye said, "The government will actively provide financial support for childcare. I will make sure the government is responsible for day care for children under five. Secondly, it's important to make conditions that allow women to work free from anxiety."

The two contenders disagreed over the country's education system and ways to fund welfare policies in this and other fields.

On Sunday, the opposition got a boost after Lee Jung-hee, who was polling up to 1.6 percent in some surveys, threw her weight behind the left-leaning opposition candidate. Lee told a news conference that she had decided to quit "to meet the expectations of the whole nation" in a bid to change the presidency.

South Korea's presidential election is set to take place on Wednesday.

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