Aquino: PH to get $500M soft loan from South Korea

Aquino said that based on his bilateral meeting with South Korean President Park Geun-Hye on Thursday, the Philippines will receive a $500-million framework agreement loan – a concessional loan with low interest rates – from her government for Philippine development projects.

Aquino added that the Korea International Cooperation Agency plans to implement an infrastructure development program in Mindanao to complement its ongoing capacity-building programs for the Bangsamoro.

The President said Park also informed him that her government has set aside an additional $20 million to help victims of Super Typhoon Yolanda, on top of the $5 million that South Korea had earlier sent to help in the post-disaster efforts.

“This is the result of close and deeply-rooted ties,” he said in Filipino.

via Aquino: PH to get $500M soft loan from South Korea.