SEOUL, 17 July 2014 – Philippine Ambassador to South Korea Raul S. Hernandez met with officials of the Korea Export-Import Bank (Korea Eximbank), led by its Chairman and President Mr. Duk-Hoon Lee, on 17 July 2014 at the Korea Eximbank headquarters in Yeongdeungpo-gu, Seoul.

Ambassador Hernandez expressed appreciation to the Korea Eximbank for its official development assistance(ODA) to the Philippines and proposed expanded cooperation with the Korea Eximbank in the areas of industrial development and disaster risk management. Chairman Duk-Hoon Lee conveyed Korea Eximbank’s interest to explore enhanced cooperation with the Philippines and to explore financing new projects designed to promote the Philippines as an investment haven to Korean companies. The meeting was the initiative of the Philippine Trade and Investment Center (PTIC) headed by Special Trade Representative and Commercial Counselor Nicanor S. Bautista. As a government-funded conduit for official development assistance, the Korea Eximbank operates, among others, the Economic Development and Cooperation Fund (EDCF). Since 1990, the Korea Eximbank has underwritten, through the EDCF, various projects in the Philippines dealing with transportation, infrastructure, water resources management, power transmission and telecommunications modernization.