PHILIPPINES AND REPUBLIC OF KOREA SIGN FRAMEWORK ARRANGEMENTCONCERNING LOANS FROM THE ECONOMIC DEVELOPMENT COOPERATION FUND FOR 2007-2009

27 December 2007 – Foreign Affairs Secretary Alberto G. Romulo and Korean Ambassador Hong Jong-ki signed the Framework Arrangement Concerning Loans from the Economic Development Cooperation Fund (EDCF) for 2007-2009 at the Department of Foreign Affairs on 21 December 2007.

The framework arrangement will enable the Philippine Government to source out loans of up to US$300 million from the EDCF to finance projects in priority areas like transportation, environment and sanitation, health and medical care, and information technology, among others, for the period 2007-2009.  It is based on the EDCF Agreement signed between the Philippines and the Republic of Korea signed on 3 June 2003.

Officials and representatives from the DFA, DOF, NEDA and the Embassy of the Republic of Korea were witnessed the ceremony.

Last week, Secretary Romulo and Ambassador Hong signed a Supplemental Loan Agreement under the EDCF facility for the completion of the Laguindingan Airport Development Project. END

/allan

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