President Marcos has expressed his gratitude to the government of South Korea for taking on an active role in the Philippines' development, citing the depth of its involvement in the country particularly in the infrastructure sector.

Marcos said this as he led the inauguration of the Panguil Bay Bridge Project in Tangub, Misamis Occidental on Friday, Sept. 27.

In his speech, the President recognized South Korea's role in the country's development as evidenced by the increasing number of projects the latter has funded.

"I want to acknowledge our partners in the Korean government and the Korean EXIM Bank. Thank you very much. Your unwavering support has been instrumental in turning this dream into a reality,"  he said.

"Lest anyone think that this project between the Republic of Korea [and] the Economic Development Cooperation Fund (EDCF), and through Eximbank of Korea is an isolated project, I would just like to show everyone how many EDCF [of Korea] projects are ongoing in the Philippines," he added.

According to the President, there are 21 ongoing South Korea-backed projects in the country with two more in the pipeline. He said some of them are the biggest projects in the Philippines.

"That is how involved and how much the Economic Development Cooperation Fund of Korea has been part of all our development programs and all our aspirations for making our people live in a much safer, much more efficient, and much more helpful lifestyle," he said.

The 3.16-kilometer bridge project launched by the President is part of the administration’s infrastructure flagship project (IFP). It is now the longest water-spanning bridge in Mindanao.

With its completion, the travel time between the Municipality of Tubod, Lanao del Norte, and Tangub City, Misamis Occidental will be reduced from more than two hours to seven minutes. It will benefit more than 10,000 travelers a day.

According to the Department of Public Works and Highways (DPWH), the P8.03-billion bridge was meticulously designed using extensive geotechnical surveys and advanced Korean bridge technology including reverse circulation drilling on barges to create boreholes and launching of thick permanent steel casings using revolving crane barges and vibro pile hammers.