South Korea lends $500M to PHL

President Benigno S. Aquino III greets Korean President Park Geun-Hye upon arrival for the 25th ASEAN-Republic of Korea Commemorative Summit 2014 at the Lobby of the Busan Exhibition and Convention Center (BEXCO) on Friday (December 12, 2014). With theme: “Building Trust, Bringing Happiness,” reflecting ROK’s commitment to strengthen its relationship with ASEAN through trust, which should result in happiness for the citizens of ASEAN and the ROK. The Summit covers the review of the ASEAN-ROK cooperation and its future direction, and the cooperation on non-traditional security issues with emphasis on climate change and disaster risk management. (Photo by Ryan Lim / Malacañang Photo Bureau)

MANILA – South Korea announced that they will give out a $500-million loan to the country to support Philippines’ budgetary requirements.

The loan framework was discussed by President Aquino during his recent meeting with South Korean President Park Geun-hye.

Aside from the $500 million loan, the government of South Korea will also provide the country with technical assistance amounting to $20 million and disaster management grant amounting to $5 million.

“Basically, Korea offered a lot of assistance towards disaster risk reduction and management,” said Aquino during the ASEAN-Republic of Korea commemorative summit on Friday.

Meanwhile, South Korea also committed to helping the country retain its forests to lessen the impact of floods.

“I will also take a moment to express my deepest condolences and sympathies to you, Mr. President, and to the Filipino people for the loss of life and property as a result of Typhoon Hagupit,” Park said.

She added, “I assure you that the Korean government will also work with you to support the recovery work.”

To which the Aquino responded by thanking the South Korean government.

“I also like to thank the Republic of Korea for the assistance for all these natural disasters that we have been experiencing,” he said citing the heroism of the Korean ARAW joint support group that was assigned in Leyte who worked to rehabilitate infrastructures and also conducted medical operations.

The country’s defense department awarded them with the Bayaning Likaw Parangal.