28 April 2016 – Foreign Affairs Secretary Jose Rene D. Almendras and the Republic of Korea (ROK) Ambassador Kim Jae-shin signed the Arrangement for a PHP 4.859 billion loan for the Panguil Bay Bridge Project of the Department of Public Works and Highways at the Bureau of the Treasury, Intramuros, Manila.
Treasurer of the Philippines Roberto B. Tan and Chief Representative of the Export-Import Bank of Korea (KEXIM) in Manila Oh Yongkeun, representative of KEXIM Deputy President Hong Youngpyo, concluded the signing of the Loan Agreement for the Project. KEXIM is the implementing agency of the Economic Development Cooperation Fund (EDCF) of the ROK.
Secretary of Public Works and Highways Rogelio Singson and Secretary of Budget and Management Florencio Abad also attended the ceremony.
The Project involves the construction of a bridge across Panguil Bay connecting the City of Tangub in Misamis Occidental and Municipality of Tubod in Lanao del Norte.
The Project aims to accelerate and sustain economic growth in Northern and Western Mindanao regions, and provide a more reliable and efficient transport infrastructure to aid in the flow of goods and services, growth of commerce and industry, and reduced transportation costs.
After the ceremony, Secretary Almendras said that the Project will “assure Mindanao of a strengthened physical and economic linkage to other areas in the region... It manifests the President's commitment to achieving inclusive growth and is symbolic of the strong partnership of the Philippines and the Republic of Korea.”
The Project has an estimated total cost of PHP 4.859 billion, of which PHP 4.272 billion is to be funded through KEXIM-EDCF, while the remaining PHP 587 million will be the Philippine counterpart. It is the second largest assistance from the Government of the Republic of Korea, as well as the first bridge project to be supported under the ROK official development assistance to the Philippines.
The Republic of Korea is the Philippines' sixth largest source of active Official Development Assistance (ODA), providing the Philippines with US$515.55 million in loans and grants as of December 2015. END