Korean funding eyed for two infra projects in Cebu
THE PHILIPPINE government is eyeing financing from South Korea for at least two flagship infrastructure projects to be rolled out under the ambitious “Build, Build, Build,” programme, according to the Department of Finance (DOF).
Finance assistant secretary Maria Edita Z Tan told reporters last week that the DOF was scheduled to meet with representatives of the South Korean government soon “to strengthen the pipeline” of projects to be pitched for financing by the latter. “We’re making sure that it [the pipeline of projects] is actually aligned with the priorities of the government, and right now we have flagship projects in the pipeline,” Tan said.
The DOF official said the department had so far identified two projects for possible South Korean financing. These, she said, were the new Cebu International Container Port and the Metro Manila Bus Rapid Transit (BRT). “But we are looking at increasing the number of projects,” she added. In September, finance undersecretary Karen Singson said there was “a lot of progress” in the bilateral negotiations with South Korea for project financing.
The South Korean loans, which have “very attractive” terms, would be for the $97-million (Bt3.22-billion) Panguil Bay Bridge that will connect Lanao del Norte and Misamis Occidental in Mindanao, as well as the $183-million Cebu International Container Port, said Singson.
The Duterte administration early this year unveiled the “Build, Build, Build” program aimed at ushering in “the golden age of infrastructure” in the Philippines after years of neglect.
Under “Build, Build, Build,” the government would roll out 75 flagship, “game-changing” projects, with about half targeted to be finished within the term of President Duterte, alongside plans to spend a total of up to 9 trillion pesos (Bt5.8 trillion) on hard and modern infrastructure.