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Home  >>   Daily News  >>Philippines >>Finance>>PHL, South Korea to sign $1.7-B credit facility
NEWS UPDATES Asean Affairs   November 9,  2017  








 


PHL, South Korea to sign $1.7-B credit facility

The South Korean government is making available to the Philippines a $1.7 billion credit facility and $7 million in for the Duterte administration’s priority programs in the energy, transport, and information and communications technology sectors.

The financial instruments would be made available via the Export-Import Bank of Korea (KEXIM), which manages South Korea's Economic Development Cooperation Fund (EDCF)—an official development assistance facility, The Department of Finance (DOF) said on Wednesday.

The DOF said the signing ceremony for the South Korean loan facility will take place on the sidelines of the 31st ASEAN Summit next week.

Under the credit facility, the Philippines can tap a $100-million Project Preparation Facility, which is available at zero interest and payable in 40 years including of a 10-year grace period, the DOF said.

"The KEXIM credit line can also be tapped via a tied loan facility with South Korean companies entering into joint ventures with Philippine local firms," it said.

 The Project Preparation Facility can be tapped by the Department of Public Works and Highways and the National Irrigation Administration for infrastructure projects.

 “A country program mission from KEXI-EDCF that was here from August 29 to 31 met with Philippine officials and identified the priority sectors of ICT, transport and energy for possible loan assistance from South Korea,” the DOF said.
 
Other Philippine agencies with projects in the pipeline for the KEXIM loan facility are the Department of Information and Communications Technology, Department of Agriculture, Department of Transportation, and the National Electrification Administration.


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ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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