South Korea, the country’s fourth largest source of sub-market loans, more known as official development assistance (ODA), has indicated a willingness to fund even more transport-related projects.
This was learned from the Department of Transportation (DOTr) who on Friday urged the Korean government to help fund more road transport infrastructure projects in the Philippines.
The DOTr and state-owned Export-Import Bank of Korea (KEXIM) recently held a discussion and assessment meeting on projects it funds such as the new Dumaguete Airport Development Project, the Philippine Coast Guard’s (PCG) Maritime Safety Enhancement Project, the New Cebu International Container Port Project, and the LRT-2 Cogeo Extension in Rizal province.
Transportation Secretary Jaime Bautista said KEXIM’s assistance in the design and implementation of transport projects present optimum benefits for commuters and passengers.
“We hope to agree on how best to move forward with such projects as the new Dumaguete airport, the new Cebu International Container Port, extension of LRT 2 as well as the Pangasinan airport feasibility study and the maritime safety enhancement project,” said Secretary Bautista.
With KEXIM’s support, Filipinos are guaranteed a better passenger experience through airport, seaport and railway projects, Bautista added.
He likewise assured KEXIM officials that the DOTr will closely monitor the project to its timely completion, while urging them to fund road transport projects.
“We have come to believe our goals are achievable. In the end, we keep our eye fixed on the goal, which is to provide a better passenger experience in every mode of transport,” he said.
KEXIM has established its presence in 58 countries in 503 projects through the Economic Development Cooperation Fund (EDCF).
It has extended the Philippines $1.5 billion worth of ODA packages in the form of disaster response and climate change adaptation, transport, energy, water source and communication project loans.
