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South Korea doubles assistance to PH to $1 billion, Dominguez says

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Pia Gutierrez, ABS-CBN news

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2018/trending/06/04/south-korea-doubles-assistance.jpg"/><figcaption>Philippine President Rodrigo Duterte and South Korean President Moon Jae-in shake hands following the bilateral meeting at the Blue House in Seoul on June 4, 2018. Toto Lozano, Presidential Photo</figcaption></figure></div>SEOUL (2nd UPDATE) - The government of South Korea has doubled its official development assistance (ODA) to the Philippines from $500 million to $1 billion, Finance Secretary Carlos Dominguez said Monday.Dominguez, in a text message to ABS-CBN News, said the commitment was made during the bilateral meeting Monday afternoon between President Rodrigo Duterte and his South Korean counterpart, Moon Jae-in, at the Blue House (Cheong Wa Dae) in Seoul.Duterte is on a 3-day official visit to South Korea.<ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/news/06/04/18/duterte-moon-meet-reaffirm-ph-korea-ties">Duterte, Moon meet, reaffirm PH-Korea ties</a></li></ul>The South Korean government, Dominguez said, had also pledged to help in the Philippine government&#x27;s rehabilitation and reconstruction programs, particularly in war-torn Marawi City.<div>BILATERAL AGREEMENTS</div>Philippine Ambassador to South Korea Raul Hernandez said the assistance will be used to finance infrastructure projects under the Duterte administration&#x27;s &quot;Build, Build, Build&quot; program.The Philippines can obtain loans from Economic Development Cooperation Fund from 2017 to 2022 through a framework arrangement of both countries, he said.The framework arrangement was signed by Foreign Affairs Secretary Alan Peter Cayetano and South Korean Ambassador Han Dong-man on May 4, 2018 in Manila.&quot;Under the framework arrangement, the South Korean government shall jointly identify and execute infrastructure development projects in the Philippines,&quot; Hernandez said.The $172.6 million loan agreement on the Cebu International Container Port, he said, is one of the major infrastructure projects that resulted from the framework arrangement.The new port will increase the operational capacity of the main cargo gateway and will alleviate congestion in the Cebu baseport area. The Philippines will provide the counterpart funding of $26.6 million.Other bilateral agreements signed by both countries are:- Memorandum of Understanding on Scientific and Technological Cooperation between the Department of Science and Technology (DOST) of the Philippines and the Ministry of Science and ICT of Republic of Korea.-Memorandum of Understanding between the Department of Trade and Industry (DTI) of the Philippines and the Ministry of Trade, Industry and Energy (MOTIE) on Trade and Economic Cooperation.-Memorandum of Understanding for Cooperation on the Expansion of Renewable Energy Deployment between the Department of National Defense (DND) of the Philippines and the Ministry of Trade, Industry and Energy (MOTIE) of Korea.-Memorandum of Understanding between the Department of Transportation (DOTr) of the Philippines and the Ministry of Land, Infrastructure and Transport (MOLIT) of Korea Concerning Cooperation in the Field of Transport.

The government of South Korea has doubled its official development assistance (ODA) to the Philippines from $500 million to $1 billion, Finance Secretary Carlos Dominguez said Monday.

The government of South Korea has doubled its official development assistance (ODA) to the Philippines from $500 million to $1 billion, Finance Secretary Carlos Dominguez said Monday.

South Korea doubles assistance to PH to $1 billion, Dominguez says

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South Korea doubles assistance to PH to $1 billion, Dominguez says

Pia Gutierrez,

ABS-CBN news

Published Jun 04, 2018 10:19 PM PHT

|

Updated Jun 05, 2018 03:41 AM PHT

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South Korea

Philippines

Moon Jae-in

Rodrigo Duterte

Carlos Dominguez

official development assistance

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