France Now Being Eyed to Fund P28-B Bridge Project Following Failed Talks with South Korea - BusinessWorld Online

France now being eyed to fund P28-B bridge project following failed talks with South Korea - BusinessWorld Online

By Aubrey Rose A. Inosante, Reporter THE FINANCE DEPARTMENT is now seeking France’s help to fund a P28-billion project to build hundreds of rural bridges in the Philippines that was initially proposed to South Korea. “The Department of Finance (DoF) has clarified that the P28-billion Rural Modular Bridge Project is currently being proposed for financing by the Government of France, not South Korea,” it said in a statement on Wednesday. “In this …

South Korea scrapping P28-B loan? Gatchalian says it’s ‘embarrassing’

Senate finance committee chairman Sherwin Gatchalian on Wednesday lamented the move of South Korean President Lee Jae-myung to supposedly stop a P28-billion infrastructure loan project from being implemented in the Philippines due to corruption allegations.

South Korean president stops loan for DAR’s ‘PBBM Bridges’ project over corruption concerns

MANILA, Philippines — The President of South Korea on Tuesday, September 9 announced an immediate stop to a loan for the Philippines, which would have funded a Department of Agrarian Reform (DAR) project named after Philippine President Ferdinand Marcos Jr.  The Philippines’ Department of Finance (DOF), however, said they had “decided to halt previous discussions last year…” and was now in talks with the French government to fund the project.  I…

South Korea cancels support for flagship Marcos bridge project

The South Korean president’s order to halt proceedings for the bridge project follows the South Korean government’s earlier decision not to support the project in February 2024 due to corruption concerns linked to a local Filipino contractor with a history of faulty construction and graft in similar projects.

South Korea halts funding for allegedly fraudulent bridge project in PH

South Korea President Lee Jae Myung has ordered the suspension of a Philippine bridges project that their government auditors described as "fraudulent."

'Nakakahiya' De Lima, Gatchalian reacts on South Korea's loan cancellation

Senator Sherwin Gatchalian and ML Partylist Rep. Leila de Lima slammed as “nakakahiya” the report that South Korean President Lee Jae-myung allegedly halted the processing of a ₱28-billion infrastructure loan for the Philippines due to corruption allegations. “Since na sabi nila, ayaw na nilang magpahiram o suspended muna ang pahiram dahil sa corruption, nakakahiya ‘yan,” …