President Yoon Suk Yeol bows in apology to the people during a press conference at the presidential office in Seoul on Thursday. (Yonhap)

President Yoon Suk Yeol offered an apology Thursday for causing concerns to the people and vowed to revamp state affairs amid growing controversies surrounding first lady Kim Keon Hee.

Yoon stood up and bowed his head in apology during a televised address and press conference marking the second half of his term and providing an outline of the future policy direction.

"I believe the role of the president is not to make excuses. All of this is due to my own shortcomings and lack of virtue," Yoon said, adding that he presented a "heartfelt apology" to the people.

The conference was held at a time when Yoon's approval ratings have dipped below the 20 percent mark, with public discontent partly stemming from allegations regarding his past association with self-proclaimed power broker Myung Tae-kyun, as well as issues surrounding the first lady.

Yoon acknowledged that despite working tirelessly for the people over the past 2 1/2 years, there have been "shortcomings from the people's perspective."

"The initiatives I began for the well-being of the people and the future of South Korea may have caused discomfort, and the issues surrounding those close to me also led to public concerns," he said.

Yoon addressed the concerns over the first lady, who has faced criticism over allegations involving her acceptance of a luxury handbag, stock manipulation and involvement in government affairs.

"She should have conducted herself with greater caution, and the fact that she has caused concern to the public is unquestionably wrong," he said.

Yoon said Kim should have acted more cautiously and it was wrong for her actions to have caused public concern, noting he appointed a secretary earlier in the day to prepare for the establishment of an office dedicated to supporting the first lady's work.

Regarding Kim's public activities, Yoon emphasized she would refrain from such activities unless deemed necessary for diplomacy and national interests.

Yoon, however, opposed the proposed bill by the main opposition Democratic Party for a special counsel to investigate his wife's allegations, calling it "unconstitutional" and "political propaganda."

The DP said it would pass the special counsel bill at the plenary session of the Assembly next Thursday, which would be the third such bill after a similar bill was vetoed by Yoon and scrapped in a revote last month.

The latest bill expands the scope of the proposed special counsel investigation to include recent allegations that the first lady sought the help of Myung Tae-kyun to conduct public opinion surveys favoring Yoon ahead of the 2022 presidential election. (Yonhap)