S. Korea extends $80-M loan for Pampanga project
MANILA, Philippines – South Korea will provide the Philippines a loan amounting to $80.4 million for a flood control project in low-lying areas in Pampanga.
Finance Secretary Cesar Purisima last week signed the agreement with the Export-Import Bank of Korea (KEXIM), represented by chairman and president Yong Hwan Kim.
“With the project, the extent, level and duration of flooding in the surrounding areas of the Pampanga delta will be reduced, and the capacity of educational facilities in the area in coping with disasters will be enhanced,” said Purisima.
The agreement supports the excavation and dredging projects of the Department of Public Works and Highways (DPWH) at the Third River, Caduang Tete River and Sapang Maragul River in Pampanga.
These projects aim to mitigate flooding in the low-lying areas of Macabebe, Masantol, Minalin and Sto. Tomas.
The loan will also support projects of the Department of Education (DepEd) in reconstructing 232 classrooms in 47 schools, embankment heightening of 26 schools, and construction of deep well pumps in 11 schools.
President Benigno Aquino and President Park Geun-hye of the Republic of Korea witnessed the signing of the loan agreement, during the former's state visit to Seoul.