DFA to clarify cancelled bridge loan deal with South Korea

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.

- By RAYMUND ANTONIO

“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, said.

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.”