Finance Secretary Carlos Dominguez, on behalf of the Republic of the Philippines, and Export-Import Bank of Korea (KEXIM) Chief Representative Sungho Jang, on behalf of the Republic of Korea, exchanged the loan documents for the USD 50 Million Philippines-Korea Project Preparation Facility (PK-PPF) on Tuesday (Jan 28) at the Department of Finance, Manila.
The loan agreement for the project was earlier signed by Secretary Dominguez and KEXIM Senior Executive Director Deog-Yong Shin.
The PK-PPF will support the swift implementation of a number of key water and irrigation, flood control, and road and bridge projects of the Department of Public Works and Highways, the National Irrigation Administration, and other relevant agencies.
This project is the second loan to be availed under the USD 1 billion pledge of South Korea in official development assistance to the Philippines under President Duterte’s term.