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Bautista urges Korean firms to invest more in Philippine transportation projects

Philippines | National

Bautista urges Korean firms to invest more in Philippine transportation projects

By Aaron Recuenco

Department of Transportation (DOTr) Secretary Jaime J. Bautista urged Korean companies to invest in the Philippines amid the national government’s push to modernize the country’s transportation system.

During the 2024 Korea-Philippines Infrastructure and Plant Forum, Bautista said a thick and viable transport infrastructure portfolio in the Philippines offers rich investment opportunities for private firms.

“We need collaboration of various stakeholders, such as Korean investors. We are inviting Korean companies to discover the business viability and rich investment opportunities contained in these transport projects,” Bautista said during the forum.

“Our transport projects are bound to stir the status quo once completed,” he added.

Bautista explained that foreign firms’ support would stir a ripple effect that catalyzes socio-economic growth in the communities situated along and around project sites.

All of these, he said, would later generate jobs and livelihood.

Currently, the Republic of Korea, through the Export-Import Bank of Korea, is bankrolling the New Cebu International Container Port, Maritime Safety Enhancement Project, and relocation of the New Dumaguete International Airport.

These projects, according to Sec. Bautista, have a total cost of P33.26 billion, with KEXIM extending a P27.91 billion loan to fund the projects.

The Republic of Korea has also extended its support for the LRT-2 extension up to Cogeo in Antipolo, Automated Fare Collection System, Pangasinan New Airport and a New Airport Backup System.

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