MANILA – President Aquino announced on Friday night that South Korean companies have expressed their interest in investing in the development of port and other infrastructure projects in the Philippines.
Upon his arrival from the 25th Association of Southeast Asian Nations-Republic of Korea commemorative summit, Aquino disclosed that South Korean President Park Geun-hye has laid down measures to further solidify the relations between South Korea and the Philippines
The president earlier announced that South Korea had extended a very good interest rate to the Philippines as part of the framework agreement for a $500-million loan to be allocated towards development projects in the country.
He cited the proposed implementation of the infrastructure development program spearheaded by the Korea International Cooperation Agency, and said that Philippines can learn much from the knowledge of South Korean companies involved with port and other infrastructure developments.
Aquino also said that Seoul is poised to provide other avenues of support which will help facilitate the Mindanao peace process, as well as the improvement of the Philippines’ services and disaster readiness programs.
Likewise, the President revealed that two FA-50 fighter jets from South Korea would arrive sometime in 2015 to bolster the Philippines’ capacity to defend itself.