The Department of Transportation (DOTr) is actively inviting Korean investors to participate in a series of significant transport projects designed to enhance travel experiences across the nation.
In a recent statement, Transportation Secretary Jaime Bautista emphasized the need for collaboration among various stakeholders, highlighting the potential business viability and rich investment opportunities the projects present. “We are inviting Korean companies to discover the business viability and rich investment opportunities contained in these transport projects,” Bautista said.
He underscored that the completion of these transport initiatives is expected to significantly alter the current transportation landscape in the Philippines. Among the high-profile projects backed by the Republic of Korea, through the Export-Import Bank of Korea (KEXIM), are the New Cebu International Container Port, the Maritime Safety Enhancement Project, and the relocation of the New Dumaguete International Airport.
Together, these projects amount to a total investment of P33.26 billion, with KEXIM providing a loan of P27.91 billion.
Furthermore, Bautista highlighted additional Korean-backed initiatives, including the extension of the LRT-2 to Cogeo in Antipolo, an Automated Fare Collection System, the Pangasinan New Airport, and a New Airport Backup System.
“These foreign assistance projects create a ripple effect that catalyzes socio-economic growth in the communities surrounding project sites, generating jobs and livelihood opportunities,” Bautista noted, emphasizing the broader impact of these investments.
As the Philippine government continues to seek foreign partnerships, the involvement of Korean investors could play a crucial role in transforming the country’s transportation infrastructure and boosting its economy.
