The government is seeking funding support from South Korea to finance big-ticket infrastructure and information technology projects.
Finance Secretary Carlos Dominguez III pitched the projects to South Korean officials in a meeting recently. In a discussion with Korean Ambassador Han Dong-Man, Dominguez expressed hope that at least six Philippine projects in the pipeline would receive financing support from the Export-Import Bank of Korea-Economic Development Cooperation Fund under the framework arrangement formalized between the two countries on May 4.
The Philippines can gain access to Korea’s loan facility under the EDCF up to an amount not exceeding $1 billion over a five-year period, or until 2022.
The projects proposed by the Philippines under the framework arrangement include the New Cebu International Container Port Project with an estimated loan amount of $172.64 million.
Dominguez told the Korean ambassador he hoped the loan agreement for Cebu project would be signed during the first week of June.