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Manila Bulletin devider devider S. Korea offers $1B to PH

S. Korea offers $1B to PH

Published Jun 4, 2018 09:22 pm
By Genalyn Kabiling SEOUL — Amid renewed commitment to enhance bilateral relations, South Korea is offering US$1 billion to the Philippines to help fund the government’s massive infrastructure program. South Korean President Moon Jae-in, right, offers a handshake to President Rodrigo Duterte at the end of a joint press conference after a meeting at the presidential Blue House in Seoul, South Korea, Monday, June 4, 2018. (AP Photo/Ahn Young-joon. Pool / MANILA BULLETIN) South Korean President Moon Jae-in, right, offers a handshake to President Rodrigo Duterte at the end of a joint press conference after a meeting at the presidential Blue House in Seoul, South Korea, Monday, June 4, 2018. (AP Photo/Ahn Young-joon. Pool / MANILA BULLETIN) The latest official development assistance (ODA) was extended by South Korean President Moon Jae-in to President Duterte during a meeting at the Blue House Monday, according to Presidential Spokesman Harry Roque. “The President thanked Korea for its official development assistance,” Roque said, citing that the Asian neighbor is the country’s sixth largest source of ODA. Roque noted that the President has invited Korea to invest in the government’s “Build, Build, Build” program, a massive project to modernize the country’s roads, railways, bridges, airports, and other infrastructure projects. The Korean ODA, which reportedly increased from $500 million, will be sourced from its economic development cooperation fund. Roque said Korea has also expressed interest to provide assistance in the rehabilitation works in war torn Marawi City. Finance Secretary Carlos Dominguez III also confirmed the latest financial aid from Korea to the Philippines. “ODA from Korea was doubled from $500M to $1B,” he said. He said Korea also indicated to help in the Marawi rehabilitation as soon as the plans are finalized by Task Force Bangon Marawi chair Secretary Eduardo del Rosario, also head of the Housing and Urban Development Coordinating Council. Earlier, Moon assured Duterte that Korea would also actively participate in the national developments of the Philippines. The two leaders met at the Blue House and agreed to step up trade and investments, defense cooperation, agricultural development, among others. “In particular, I look forward to seeing the Korean companies’ participation further expanded in the fields of transportation, energy and infrastructure through our cooperation in the new industries such as infocommunications as well as science and technology,” he said. “We will create the growth engine for the future together,” he added.
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