Philippines gets $100-M loan from South Korea for COVID-19 response | ABS-CBN

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Philippines gets $100-M loan from South Korea for COVID-19 response

Philippines gets $100-M loan from South Korea for COVID-19 response

ABS-CBN News

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Philippine President Rodrigo Duterte and South Korean President Moon Jae-in shake hands following the bilateral meeting at the Blue House in Seoul on June 4, 2018. Photo by Toto Lozano, Presidential Photo

MANILA - The South Korean government has extended a $100-million loan to the Philippines for its coronavirus emergency response efforts -- the first and largest COVID19-related bilateral assistance offered by the Republic of Korea to a partner country, the Korea Eximbank said in a statement.

The loan, which is part of the COVID-19 Emergency Response Program Loan of the Economic Development Cooperation Fund (EDCF), was finalized by the Export-Import Bank of Korea (Korea Eximbank) and the PH's Department of Finance.

“Through this program loan, which is a type of budgetary support for policy establishment and implementation of COVID-19 response strategies, the Government of Korea expresses its solidarity with the Philippines and the international community in the ongoing global battle against coronavirus,” the Korea Eximbank said.

“It is also hoped that this will further strengthen relations between Korea and the Philippines in the field of public health and safety in addition to diverse areas of cooperation over the past 70 years,” it added.

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This is the third time it offered assistance to the Philippines under the EDCF Framework Arrangement, which aims to provide a total of $1 billion in assistance to the Philippines for infrastructure, economic development projects, and emergency relief for a pandemic like COVID-19.

Other than the South Korean government, the Philippines also received a $1.5-billion assistance from the Asian Development Bank for COVID-19 response, among others.

Watch more in iWantv or TFC.tv

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