MANILA, Philippines — The Export-Import Bank of Korea (KEXIM) will provide the funding for some of the Department of Transportation’s (DOTr) infrastructure projects, the agency said on Friday.
The DOTr in a statement said that the partnership will create exponential socio-economic growth by developing the country’s transportation landscape.
Transportation Secretary Jaime Bautista, for his part, said that KEXIM’s support will allow Filipinos to expect a better passenger experience at airports, seaports, and railway stations, further highlighting that the support in the design and implementation of transportation projects can maximize benefits for commuters and passengers.
“We hope to agree on how best to move forward with such projects: [the] Dumaguete airport, the new Cebu International Container Port, extension of LRT 2 as well as the Pangasinan airport feasibility study and the maritime safety enhancement project,” said Secretary Bautista during a coordination meeting.
The transport secretary assured KEXIM executives that the DOTr will monitor the project for prompt completion and encourage government funding for road transportation initiatives, stating their goal is to improve passenger experience across all modes of transportation.
“We have come to believe our goals are achievable. In the end, we keep our eye fixed on the goal which is to provide a better passenger experience at every mode of transport,” he said.
KEXIM, South Korea’s export credit agency, has partnered with 58 countries on 503 projects through the Economic Development Cooperation Fund (EDCF), with the Philippines being the fourth largest recipient, receiving over $1.5 billion in concession loans.
Harold Hernandez, INQUIRER.net trainee
RELATED STORIES
100% DOTr budget hike for 2024 leaves out cyclists, pedestrians, commuters
DOTr sets P1.4B to build, expand 14 Ro-Ro ports
US eyes $3 billion package to improve PH transport systems