Metro Manila (CNN Philippines, July 14) — President Ferdinand Marcos Jr. on Friday disclosed that South Korea is funding 21 projects in the Philippines, with more expected in the pipeline, including flagship projects.
“There are 21 of them and we anticipate even an increase of that,” Marcos said during the inauguration of the Samar Pacific Coastal Road (SPCR) Project.
Marcos did not elaborate on the projects.
Meanwhile, the SPCR project was constructed with the assistance of the government of the Republic of Korea, the palace said.
It is an 11.6-kilometer road with three component bridges stretching from Simora Junction in the Municipality of Laoang going to Barangay Mabaras in the Municipality of Palapag.
“I am certain that this undertaking will only further strengthen the cooperation between the Philippines and South Korea,” Marcos said. “The completion of this key infrastructure initiative links the so-called Pacific towns of Samar and establishes a circumferential road around the entire island connecting markets, industries and communities.”
The president said Korea “has always been a very good friend to the Philippines,” as he also expressed his gratitude for the latter’s aid following the deadly Super Typhoon Yolanda in 2013.
“I look forward to more collaboration and more flagship projects for the greater good of the Filipino people,” he said.
Earlier this year, the Mindanao Development Authority said South Korea has committed to funding five projects in the southern Philippines, including the University of Southern Mindanao–North Cotabato Campus’ Developing Land Management Options for Diverse Cacao-based System and the Department of Trade and Industry’s Mainstream Energy Efficiency in MSME buildings.
In December, the Philippines and South Korean governments also sealed a loan agreement covering 2022 to 2026 for infrastructure projects.
