South Korea Offers $1-Billion Development Assistance for Infra Projects

The South Korean government has offered $1 Billion in official development assistance (ODA) to the Philippines to help the Duterte administration's "Build, Build, Build" infrastructure program during the visit of the President in the Korean Peninsula.

Presidential spokesperson Harry Roque confirmed the assistance of Korea to the Philippines as he stated that this was among the discussions between President Rody Duterte and South Korean President Moon Jae-in during their meeting at the Blue House, the executive office and official residence of the South Korean leader.

President Rody Duterte visited South Korea upon the invitation of President Moon Jae-in. This is the first time that President Duterte visited South Korea and he also became the first Philippine President to visit the country since 2014.

In the scheduled June 3-5 visit of President Duterte to South Korea, two of the major issues he wanted to discuss with the Korean government are the protection of Philippines and Korean tourists and expatriates and the rehabilitation of Marawi City.

Meanwhile, the $1 Billion development assistance from South Korea will come from South Korea's Economic Cooperation Fund according to Philippine Ambassador to South Korea Raul Hernandez. The ambassador also added that the Koreans is also intereested in helping the ongoing rehabilitation efforts of Marawi City.

Finance Secretary Carlos Dominguez on his part said that ODA from South Korea was doubled from $500 million to $1 billion.

“Korea indicated that they will help in the Marawi rehabilitation as soon as the plans are finalized by Secretary (Eduardo) del Rosario,” Dominguez said, referring to the Bangon Marawi Task Force head and chair of the Housing Urban Development Council.

Source: PNA

South Korea Offers $1-Billion Development Assistance for Infra Projects South Korea Offers $1-Billion Development Assistance for Infra Projects Reviewed by Phil Newsome on June 05, 2018 Rating: 5
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