President Yoon Signs $2 Billion Infrastructure Support Agreement with the Philippines
It looks like Korean companies will be busy in the coming years supporting infrastructure upgrades in the Philippines:
South Korea signed an agreement Monday to provide US$2 billion in financial assistance to the Philippines to support major infrastructure projects during President Yoon Suk Yeol’s state visit to the nation, Yoon’s office said.
The finance ministry signed the memorandum of understanding (MOU) in Manila to offer the assistance through the Economic Development Cooperation Fund (EDCF), the low-rate loan program to support infrastructure projects in developing countries.
Under the agreement, the Seoul government will allocate $905 million worth of EDCF funds for the construction of the first section of the Laguna Lakeshore Road Network, which spans 37.5 kilometers of roads and embankments along Laguna Lake, near Manila.
Additionally, $1 billion will be allocated for the construction of a 13-km bridge connecting the three central Philippine islands of Panay, Guimaras and Negros.
It marks the largest EDCF project with the Southeast Asian nation. Bidding for these projects will be open to South Korean companies.
You can read more at the link, but Asian countries should probably look more to Korea or Japan for economic assistance rather than China. When China gives out economic assistance they try to bury countries into debt traps to get major concessions out them such hosting military bases or cutting ties with China.
Yoon keep showing he has the right diplomatic stuff to make South Korea a leading player in the Western Pacific.
Good job, South Korea! You elected someone who will improve relations with other countries who will return the favor by buying Korean products!