The Philippines and South Korea have formalized a document on the “Framework Arrangement Concerning Loans from the Economic Development Cooperation Fund for the Years 2022 through 2026.” Know more:
THE Philippines and South Korea have formalized a document on the “Framework Arrangement Concerning Loans from the Economic Development Cooperation Fund for the Years 2022 through 2026.”
In his remarks, Manalo acknowledged the swift and steady support of South Korea in Philippine development efforts. The loan aid’s purpose and generous amount, he said, highlight the alignment of the thrust of the Korean government with Philippine socioeconomic priorities. South Korea, or the Republic of Korea, is the Philippines’s sixth-largest ODA source in 2021. It had funded efforts, such as the second phase of the Jalaur River Multipurpose Dam project worth P11.2 billion, which currently irrigates more than 31,000 hectares of land, mitigates flooding in downstream communities, and connects bulk-water supply in Iloilo; the P9.
Major loan projects in the pipeline include, among others, the Panay-Guimaras-Negros Island Bridges project that would construct two 32.47-kilometer sea-crossing bridges with four-lanes connecting the said islands; one that would build a four-lane, 13.32-kilometer road traversing the coastal areas of Mandaue, Consolacion and Liloan in Cebu; the Ilocos Norte and Abra Irrigation project that would erect a 126.41-meter storage dam, a power plant to generate 42.
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