Pres. Duterte’s Visit to South Korea Resulted to USD4.9-B in Investments
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Pres. Duterte’s Visit to South Korea Resulted to USD4.9-B in Investments
  • Arnold Quinoviva Balairos 기자
  • 승인 2018.06.20 09:41
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 Manila, June 4 (Engineering Daily) -- According to Presidential Spokesman Harry Roque on Tuesday, President Duterte’s visit to South Korea has yielded USD4.9-billion worth of investments as part of the growing trade relations between the Philippines and South Korea.
 

He further informed in his interview , “what we got from this trip is USD1-billion worth of ODA for our infrastructure projects under ‘Build, Build, Build’ and USD 4.9-billion worth of investments”.
 
These are the five government-to-government (G2G) agreements signed by the Philippines and South Korea:
 
1. Memorandum of Understanding on Scientific and Technological Cooperation between the Department of Science and Technology (DOST) of the Philippines and the Ministry of Science and ICT of the Republic of Korea;
2. Memorandum of Understanding between the Department of Trade and Industry (DTI) of the Philippines and the Ministry of Trade, Industry and Energy (MOTIE) on Trade and Economic Cooperation;
3. Memorandum of Understanding for Cooperation on the Expansion of Renewable Energy Deployment between the Department of National Defense (DND) of the Philippines and the Ministry of Trade, Industry and Energy (MOTIE) of Korea;
4. Memorandum of Understanding between the Department of Transportation (DOTr) of the Philippines and the Ministry of Land, Infrastructure and Transport (MOLIT) of Korea Concerning Cooperation in the Field of Transport; and
5. Loan Agreement on the New Cebu International Container Port Project between the Government of Republic of the Philippines and the Export-Import Bank of Korea.
 
Roque said South Korea doubled its ODA to USD 1 billion for infrastructure projects under the administration’s “Build, Build, Build” program.
 
Finance Secretary Carlos “Sonny” Dominguez III explained that while South Korea earlier committed USD500 million from 2011 to 2013, they doubled it to USD1 billion available from 2017 to 2022.
 
Dominguez said the first loan carved out from the ODA amounts to USD172.64 million, which will be used to finance the New Cebu International Container Port Project.
 
This port project will increase the operational capacity of the main cargo way in Cebu, help alleviate road congestion in the Cebu base port area, and provide a more efficient and reliable transport infrastructure to enhance the flow of goods and services in Visayas.
 
He said three projects in the immediate pipeline under the ODA are the USD50-million project preparation facility for the National Irrigation Administration (NIA); USD100 million financing for the New Dumaguete Airport Development Project; and USD41 million for the implementation of Electronic Receipt Invoices and Sales Reporting System that will monitor all taxes paid by retailers in the Philippines.
 
Meanwhile, Dominguez recommended that the remaining USD636 million will be allotted to two or three of the flagship infrastructure projects identified in the “Build, Build, Build” program.




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