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Manila Bulletin devider Philippines devider National devider DFA to clarify canceled bridge loan deal with South Korea

DFA to clarify canceled bridge loan deal with South Korea

Published Sep 11, 2025 08:47 am
South Korea President Lee Jae-myung announces in a Facebook post the cancellation of Philippine loan deal for a bridge project.
South Korea President Lee Jae-myung announces in a Facebook post the cancellation of Philippine loan deal for a bridge project.
The Department of Foreign Affairs (DFA) said that it will clarify with the South Korean Embassy in Manila a Facebook post by South Korean President Lee Jae-myung that it is cancelling the implementation of a 700-billion won (P28.7 billion) infrastructure loan to the Philippines because of corruption concerns.

“The Department of Foreign Affairs takes note of the posting on Facebook by the President of South Korea on a project proposal submitted to South Korea for funding,” the statement sent Wednesday night, Sept. 10.

The department, however, reiterated the Department of Finance’s (DOF) statement that said “there is no existing loan application with South Korea for the stated project.”

“The Department of Foreign Affairs will continue to speak with the Embassy of the Republic of Korea with a view to clarifying matters with ROK,” it added.

While the DOF denied there was an existing loan application, the Department of Agrarian Reform (DAR) confirmed that there was an initial meeting with South Korean officials about the “PBBM Bridges” project, which would build some 350 modular bridges in rural areas nationwide.

“The project, which was deemed a substandard project with potential for corruption, was immediately ordered to cease proceedings,” a translation of Lee’s post read.

A GMA news report based on the deliberations for the DAR’s current 2025 budget said that the “PBBM Bridges” project would be funded through P23 billion in foreign loans and P5 billion from the Philippines’ coffers.

The anomalous flood control projects—worth tens of billions of pesos—have prompted investigations by the Senate and House of Representatives, including the formation of an independent investigative commission, to look into the collusion between contractors and politicians and government officials.

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