MANILA— The Philippine government will propose additional projects for funding by Korean development assistance.
“We are scheduled to have a meeting with them to strengthen the pipeline, making sure that it is actually aligned with the priorities of the government,” Finance Undersecretary Didith Tan said.
The Export-Import Bank of Korea (KEXIM) has offered to fund up to USD 1 billion-worth of infrastructure projects under concessional loans for implementation until 2020.
The Duterte administration’s economic team has already submitted several projects for financing and these include the PHP4.86-billion Panguil Bay Bridge Project.
Tan said the Finance department is considering to increase the number of projects for KEXIM funding.
“We are going to have a discussion with them. Right now, we have identified two projects that are actually part of the flagship program of the government. One of them is actually the new Cebu international container port and the other one is the Metro Manila bus rapid transit,” she said.
The Duterte administration vows to put in place necessary infrastructure, especially in Mindanao, citing that these will ensure the sustained growth of the domestic economy.
It has set a strong infrastructure program called Build, Build, Build and aims to spend at least PHP8 trillion until the end of its term in 2020.
It has secured financing of some of its major infrastructure projects from both the Chinese and Japanese governments.
The Chinese government has committed to extend USD9 billion-worth of soft loans and other economic deals amounting to around USD15 billion while Japan has pledged a 1 trillion yen (USD 9 billion) investment and development aid to the Philippines.