The Philippine government is looking to South Korea for funding and technical support for some of the largest infrastructure and information technology projects aimed at modernizing the country’s logistics networks.
In a statement, the Department of Finance said Secretary Carlos Dominguez III met recently with Korean Ambassador Han Dong-Man where the former 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 (KEXIM-EDCF) under a framework arrangement formalized between the two countries on May 4.
Under this arrangement, the Philippines can access as much as $1 billion in loans from Korea for a term of up to five years.
Among the projects proposed by the Philippines under this deal is the New Cebu International Container Port Project with an estimated loan amount of $172.6 million.
Dominguez told the ambassador he hoped the loan agreement for this Cebu project would be signed during the first week of June.
President Duterte, accompanied by a delegation that includes Dominguez, is set to visit South Korea from June 3 to 5 for a summit with President Moon Jae-in.