South Korean President Lee Jae-myung has halted a multi-billion-peso loan for a Philippine bridge project after it was revealed that political pressure had revived the loan despite an earlier rejection due to corruption risks.
|The loan, initially denied by South Korea’s Ministry of Economy and Finance due to concerns about a local Filipino contractor’s history of faulty construction and graft, was pushed forward by a Korean lawmaker now involved in a political scandal.
The project, aimed at building up to 350 steel bridges in the Philippines, faced challenges including complex permit requirements and doubts over its feasibility.
The Philippine Department of Finance denied the existence of a P28 billion loan but reaffirmed its commitment to transparency.
President Lee praised the media for exposing the issue, emphasizing the importance of protecting public trust.
Source: PhilNews24 | September 11, 2025
MARCOS BRIDGE PROJECT SUFFERS SETBACK AS SOUTH KOREA WITHDRAWS SUPPORT
Latest from News
The Department of Public Works and Highways (DPWH) is encouraging the public to report unfinished, damaged,
The Department of Social Welfare and Development (DSWD) announced that its Guarantee Letters are now accepted
Philippine and United States naval and air forces conducted their fourth bilateral maritime cooperative activity (MCA)
Vegetable farmers and traders in Benguet and Mountain Province have expressed concern over the growing volume
Executive Secretary Ralph Recto said paying members of the Philippine Health Insurance Corporation (PhilHealth), particularly those