South Korea offers $1 B to finance PH’s infra project

SEOUL — South Korea has offered $1 billion in official development assistance (ODA) to Manila to help the Duterte administration’s ambitious “Build, Build, Build” infrastructure program.

Presidential spokesperson Harry Roque said on Monday night that this was among the discussions between President 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.

The President is here on an official visit upon the invitation of Moon.

Philippine Ambassador to South Korea Raul Hernandez said that the funding will come from South Korea’s Economic Development Cooperation Fund. He added that South Korea is also interested in helping the ongoing rehabilitation of Marawi City.

Finance Secretary Carlos Dominguez said ODA from 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. /ee

READ: Duterte makes first visit to South Korea