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• HOME › NEWS › PHILIPPINE AMBASSADOR HIGHLIGH...

PHILIPPINE AMBASSADOR HIGHLIGHTS PH DEVELOPMENT COOPERATION OPPORTUNITIES WITH KOREA EXPORT-IMPORT (KEXIM) BANK EXECUTIVES

By: Embassy of the Republic of the Philippines, SEOUL

30 October 2024, Seoul - Philippine Ambassador Theresa Dizon-De Vega underscored the impact of Korea Export-Import Bank funded projects for the transformative economic development of the Philippines in a meeting with Korea Eximbank Executive Director Um Sung-Yung on 21 October 2024 at the Philippine Embassy in Seoul. Both sides looked forward to the successful implementation of EDCF projects in the pipeline, agreeing that infrastructure projects are crucial for sustainable development, impacting not just economies but also communities and the environment.

Philippine Ambassador to the Republic of Korea Theresa Dizon-De Vega met with KEXIM Bank Executive Director Um Sung-Yong of the bank's EDCF Operation Group on 21 October 2024. Ambassador Dizon-De Vega was joined by Third Secretary and Vice Consul Reisha Olavario and Commercial Attache Charmaine Yalong. KEXIM Bank Director Kim Yu Shin joined Executive Director Um during the meeting.

The meeting likewise discussed the successful outcome of the State Visit of President Yoon Suk Yeol to the Philippines, including the recently signed memorandum of understanding (MOU) providing around USD 2 billion in financial assistance through the Economic Development Cooperation Fund for the Laguna Lake Circular Road Network and the Panay-Guimaras-Negros (PGN) bridge construction projects, as well as the loan agreement for the second phase of the Samar Pacific Coastal Road project.

When completed, the projects are expected to help usher in the transformative development of the Philippine economy through improved transportation and connectivity which will boost the trade, agriculture, and tourism industries, and elevate the living standards of Filipinos who will benefit from the projects.

Both the Laguna Lake circular road and PGN bridge construction projects are mega landmark projects, ranking as the first and second largest projects in the fund's history.

The Philippines and the Republic of Korea are long-time partners in economic and industrial development through the EDCF fund. END