Jauhn Etienne Villaruel

Article (news)

Arthur Fuentes

ABS-CBN News

<div><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1757476338498cropped-Screen Shot 2025-09-10 at 11.48.35 AM.png" style="width:960px" class="fr-fic fr-dib"/>President Ferdinand Marcos, Jr. on Friday, August 15, 2025, reported that he had a &quot;productive call&quot; with South Korea President Lee Jae Myung on Thursday, where the 2 leaders reaffirmed their strategic partnership. Bongbong Marcos/FacebookMANILA (4th UPDATE) — The Department of Finance on Wednesday said the Philippines does not have a loan from South Korea meant to fund rural bridges.</div>The DOF said the P28 billion Rural Modular Bridge Project is currently being proposed for financing by the Government of France, not South Korea.This followed reports that South Korean President Lee Jae Myung ordered the suspension of financing for the project meant to build hundreds of modular bridges across the Philippines with funding from Korea’s Economic Development Cooperation Fund (EDCF).It was earlier reported that Lee suspended funding after Korean finance officials warned that the project had weak feasibility and high corruption risks.The Korean Embassy in the Philippines has yet to issue a statement on the issue as of this posting.The Department of Foreign Affairs later said that it has taken note of the Facebook post made by the president of South Korea, and will continue to speak with the Embassy of the Republic of Korea to clarify the issue.The DOF, meanwhile, said there was no such bilateral loan between South Korea and the Philippines.&quot;With regard to the supposed P28 billion official development assistance (ODA) loan between South Korea and the Philippines, the Department of Finance categorically clarifies that no such loan exists,&quot; it said.&quot;Nevertheless, we reaffirm to our bilateral partners that the Philippine government will match their trust and confidence with full transparency and accountability,&quot; the DOF added.In a later statement, the DOF said the project was initially considered for funding through South Korea, but the Department of Agrarian Reform (DAR) decided to halt previous discussions last year due to non-alignment on scope and other key technical specifications.The Philippines then started to look for alternative funders as early as the last quarter of 2024, the DOF said.&quot;The government is now in advanced negotiations with the French Government to finalize the project’s technical and financial terms,&quot; the agency added.The Department of Agrarian Reform, which was supposed to oversee the project meant to benefit farmers in far-flung communities, also rejected suggestions that South Korea suspended it over concerns over corruption.Agrarian Reform Secretary Conrado Estrella III said if there was corruption, it was likely on the side of the Koreans because the funding was a &quot;tied-up loan&quot; where the Korean side would choose the contractor and do the procurement.&quot;Yung sinasabi nila na &#x27;we canceled it because of corruption&#x27;, di siguro sa bakuran natin. Baka sa bakuran nila,&quot; Estrella said  in an interview with DZMM Teleradyo.&quot;Wala tayong procurement dito. Sila lahat ang magbibigay nyan. Ibig sabihin, ang procurement sa kanila,&quot; he continued.  Estrella reiterated that no agreement was signed with Korea and that it was the Philippine side which canceled negotiations with Korea. He added that negotiations for the project are ongoing with France.Just last month, President Ferdinand Marcos, Jr. and Lee had a &quot;productive call,&quot; where the 2 leaders reaffirmed their strategic partnership.<div>- With a report from Zern Hernandez, ABS-CBN News</div><div> </div><div>RELATED VIDEO:</div><div><iframe width="640" height="360" src="https://www.youtube.com/embed/KZDkGfiSac0?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe> </div>

The DOF said the Philippines does not have a loan from South Korea meant to fund bridges. This was after South Korea's President allegedly suspended the loan amid corruption concerns.

The DOF said the Philippines does not have a loan from South Korea meant to fund bridges. This was after South Korea's President allegedly suspended the loan amid corruption concerns.

Finance dept says no South Korean loan meant for Philippine bridges

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Finance dept says no South Korean loan meant for Philippine bridges

Arthur Fuentes,

ABS-CBN News

Published Sep 10, 2025 01:12 PM PHT

|

Updated Sep 10, 2025 11:18 PM PHT

Read More:

Korea

investment

corruption

Philippines

South Korea

President Lee Jae-myung

President Ferdinand Marcos Jr.

infrastructure projects

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