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PHILIPPINES AND SOUTH KOREA FINANCING AGREEMENTS AND BILATERAL TIES

ImHenyo Writer
M
Jessica
2024.08.08
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The government of South Korea and Philippines has signed a P13 billion loan agreement for the construction of a new Dumaguete Aiport and a cooperation agreement establishing a $3 billion funding facility that woould boost infrastructure projects in the country.

 

Finance Secretary Ralph Recto of Department of Finance (DOF) and state-owned Export-Import Bank of Korea (KEXIM) signed the agreements on Wednesday. The loan shall be repaid in 40 years, inclusive of a 10-year grace period.

 

The loan agreement is to finance the P17.06-billion new Dumaguete Airport Development Project covering 197.55 hectares in the municipality of Bacong Negros Oriental. P13.15 billion will be financed by KEXIM while the remaining P4 billion by the Philippine government.

Agreements between the Philippines and South Korea were discussed on Wednesday by its respective diplomats (Photo courtesy of Yonhap/DOF)

 

“The new airport will enhance our capacity to welcome a surge of tourists in the post-pandemic era. With the new Dumaguete airport, we anticipate accommodating up to 2.5 million passengers per year, up from just 800,000. From serving limited domestic flights, we can now open the door to international routes,” Recto said.

 

While the $3-billion Economic Development Promotion Facility (EDPF) is an additional financing for the government’s infrastructure projects. That “will enable us to deliver more infrastructure projects nationwide, from roads and bridges to disaster risk reduction efforts” according to the Finance chief.

 

Among the projects in the pipeline being considered for possible funding assistance under the loan facility are the Panay-Guimaras-Negros Island Bridges; the Consolacion-Liloan Bypass Road Project; the Lapu-Lapu Coastal Road Project of the DPWH; and the Pampanga Integrated Disaster Risk Reduction and Climate Change Adaptation Project Phase II.

 

“These infrastructure projects will not only enhance mobility, but improve the lives of Filipinos by creating more jobs and businesses, boosting incomes, uplifting lives and reducing poverty,” Recto added. 

 

Furthermore, according to Yonhap News Agency of South Korea, the top diplomats of South Korea Foreign Minister Cho Tae-yul and the Philippines Foreign Minister Enrique Manal, reaffirmed the commitment to expanding ties to redouble efforts toward a formal elevation of their bilateral relations to a "strategic partnership" within this year, a commitment shared by the two countries' leaders.

 

According to Foreign Minister Cho, the two countries are "geopolitically important" countries in the Indo-Pacific, and called for the need to strengthen two-way strategic communication and cooperation to ensure regional peace and prosperity.

 

"The Philippines is also a vital partner in the context of Korea's Indo-Pacific strategy and the Korea-ASEAN solidarity Initiative, a landmark diplomatic initiative by Korea to strengthen its partnership with ASEAN," Cho said.

 

"I'm committed to working with you to open a new chapter by establishing a strategic partnership between Korea and the Philippines in the coming months," Cho added.

 

The Philippines was the first Southeast Asian nation to forge diplomatic relations with South Korea. It sent the first and largest troop of 7,420 soldiers to Korea when the Korean War broke out in 1950.

 

 

Source: Philippine Star/Yonhap News Agency

 

 

 

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