Phl to get $500-M loan from S. Korea

By Alexis Romero, The Philippine Star

Posted at Dec 13 2014 11:33 AM | Updated as of Dec 13 2014 07:39 PM

BUSAN – South Korea will provide a $500-million loan to the Philippines to support its budgetary requirements.

President Aquino said the loan framework agreement was discussed during his meeting with South Korean President Park Geun-hye last Thursday.

He said the South Korean government also offered to grant the Philippines technical assistance worth $20 million and a disaster management grant worth $5 million.

“Basically, Korea offered a lot of assistance towards disaster risk reduction and management,” Aquino told reporters on the sidelines of the ASEAN-Republic of Korea commemorative summit yesterday.

Aside from financial assistance, South Korea also expressed readiness to help the Philippines retain its forests to mitigate the impact of floods.

In the same meeting, Park assured Aquino of help in the Philippines’ recovery efforts in areas hit by Typhoon Ruby (Hagupit).

“I will also take a moment to express my deepest condolences and sympathies to you, Mr. President, and to the Filipino people for the loss of life and property as a result of Typhoon Hagupit,” Park said.

“I assure you that the Korean government will also work with you to support the recovery work,” she added.

Aquino responded by thanking the South Korean government for the assistance it provided to victims of Typhoon Yolanda, which claimed the lives of more than 6,000 persons last year.

“I also like to thank the Republic of Korea for the assistance for all these natural disasters that we have been experiencing,” he said.

Aquino cited the heroism of the Korean ARAW joint support group, which were deployed in Leyte and worked on the rehabilitation of schools, hospitals, welfare facilities and public offices and conducted medical operations.

The defense department recently conferred the Bayaning Likas Parangal Award on the 280-strong unit.

Read more on The Philippine Star.