The President of South Korea has ordered a suspension of the processing of a P28-billion project to build at least 350 bridges across the Philippines.
“There is significant meaning in preventing the unnecessary waste of 700 billion Korean won in taxpayer money and preemptively blocking risks that could lead to poor management and corruption,” the Chosun Daily website quoted South Korea President Lee Jae-myung as saying.
Amid the scandals rocking the Department of Public Works and Highways (DPWH), and both chambers of Congress on the flood control project mess, the South Korean president said he was thankful that not a single centavo was disbursed to the Philippine government.
“The fortunate thing is that the project had not yet begun, meaning no funds from the Economic Development Cooperation Fund have been spent,” he added.
South Korean media said that the Philippine government applied for the loan in November 2023, with around $439 million or about P25 billion to be sourced from its Asian neighbor.
A report from Hankyoreh said that the Department of Finance headed by Secretary Ralph Rector in November 2023 applied for a project amounting to about 700 billion Korean Won, or about $510 million roughly equivalent to about P28 billion.
“The project covered the building of 350 modular bridges across the Philippines, and the Philippine government has requested a loan of $439 million (approximately KRW 611.7 billion) from the Korean government,” a report from the website of Hankyoreh said.
Of the 350 bridges, 210 will be built in Luzon, 88 in the Visayas, and 53 in Mindanao all to be finished by 2028.
Amid the scandals rocking the Department of Public Works and Highways, and both chambers of Congress on the flood control project mess, the South Korean president said he was thankful that not a single centavo was disbursed to the Philippine government.
“The fortunate thing is that the project had not yet begun, meaning no funds from the Economic Development Cooperation Fund have been spent,” he added.