South Korea offers $1 billion in official development assistance

SEOUL – South Korea has offered $1 billion in official development assistance (ODA) to the Philippines to boost the Duterte administration’s “Build, Build, Build” program.

The program is a big-ticket project which aims to modernize the country’s roads, railways, bridges, airports and other vital government facilities.

Finance Secretary Carlos Dominguez III said yesterday the amount doubles the ODA provided by Korea to the Philippines from $500 million to $1 billion.

 “Yes, Korea indicated that they will help in the Marawi rehabilitation as soon as the plans are finalized by Secretary (Eduardo) del Rosario,” Dominguez said.

Del Rosario is the head of Task Force Bangon Marawi and the Housing and Urban Development Coordinating Council. 

Ambassador Raul Hernandez said Korea also expressed interest in the rehabilitation efforts in Marawi.

At the bilateral meeting with South Korean President Moon Jae-In, key government officials also signed five agreements – the memorandum of understanding (MOU) on scientific and technological cooperation between the Department of Science and Technology of the Philippines and  the Ministry of Science and ICT of Republic of Korea;

MOU between the Department of Trade and Industry of the Philippines and the Ministry of Trade, Industry and Energy (MOTIE) on Trade and Economic Cooperation; MOU for Cooperation on the Expansion of Renewable Energy Deployment between the Department of National Defense of the Philippines and the (MOTIE) of Korea.

Defense Secretary Delfin Lorenzana and Minister of Trade, Industry and Energy chief Paik Ungyu also signed an MOU between the Department of Transportation of the Philippines and the Ministry of Land, Infrastructure and Transport of Korea Concerning Cooperation in the Field of Transport. 

A loan agreement for the New Cebu International Container Port Project was also signed by Dominguez and Export-Import Bank of Korea Chairman Eun Sung-soo.

Presidential spokesman Harry Roque Jr. said the President thanked Korea, noting that it is the Philippine’s sixth biggest source of development assistance.