The Department of Foreign Affairs (DFA) clarify that the P28-billion Rural Modular Bridge Project is currently being proposed for financing by the Government of France, not South Korea.

DFA said the Department of Finance (DOF) has already issued a statement that there is no existing loan with South Korea for the stated project.

The Finance Department said that as part of “standard practice,” the Philippine government is exploring financing options with multiple development partners for key projects.

“In this case, the project was initially considered for funding through South Korea, but the Department of Agrarian Reform (DAR) decided to halt previous discussions last year due to non-alignment on scope and other key technical specifications,” DOF explained.

Further, the DOF said the Philippines side, as early as the last quarter of 2024, decided to look for other bilateral partners who can implement the full scope of the project

“The government is now in advanced negotiations with the French Government to finalize the project’s technical and financial terms,” it said.

DFA said it will clarify with South Korea the 700-billion won or about P28-billion infrastructure loan project to the Philippines ordered halted by President Lee Jae-Myung.

“The Department of Foreign Affairs will continue to speak with the Embassy of the Republic of Korea with a view to clarifying matters with ROK,” DFA said in a statement.

The Foreign Affairs Department said it took note of South Korean President Lee Jae-Myung’s statement on a project proposal submitted to South Korea for funding.

Lee announced in a Facebook post that he “ordered an immediate halt to the proceedings for the project.”