12 November 2015 - Senate President Franklin M. Drilon visited South Korea from October 28 to 31 upon the invitation of the Speaker of the National Assembly of the Republic of Korea. Senator Drilon is the first Filipino Senate President to undertake an official visit to the country.

During the visit, the Senate President met with high-ranking officials of the ROK government-managed Economic Development Cooperation Fund (EDCF), Vice Minister Joo Hyung-Hwan of the Ministry of Strategy and Finance (MOSF) and Export-Import Bank of Korea President Lee Duk-Hoon.

In his meetings with EDCF officials, Senate President Drilon, who was accompanied by Philippine Ambassador to South Korea Raul S. Hernandez, conveyed the Philippine Government’s gratitude to the Korean Government for its numerous economic development undertakings in the country, particularly the Jalaur River Multi-Purpose Project Stage II (JRMPII), the single biggest Overseas Development Assistance (ODA) project of Korea in the Philippines.

“With this project, we have the opportunity to be able to alleviate poverty in the countryside. Twenty-two (22) out of the 44 municipalities in Iloilo Province will be irrigated by the proposed dam and it will almost triple the rice production from 140,000 metric tons to more than 300,000 metric tons,” Senate President Drilon underscored.

In addition to the Jalaur Project, Senate President Drilon also introduced other important infrastructure projects to Deputy Finance Minister Joo and conveyed his request for the Korean Government to take keen interest on said projects as these will also stir economic growth and aid tourism efforts in the Western Visayas region.

The Government of Korea established the EDCF in 1987 with the purpose of promoting economic cooperation between Korea and developing countries. Drawing on Korea’s own development experience over the years, the EDCF assists partner countries by providing funding for their industrial development and economic stability.

The direction of EDCF operations and the assumption of principal policy-making responsibilities rest with the MOSF, which also coordinates policy matters with other relevant ministries. The Export-Import Bank of Korea, meanwhile, is responsible for the administrative operation of the EDCF, including appraisal of project, execution of the loan agreements, and loan disbursements. END