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THE Korea International Cooperation Agency (Koica) has increased the
level of official development assistance to the Philippines in
response to the Millennium Development Goals, documents from the
National Economic and Development Authority showed.
From a yearly average of $6 million, Koica this
year will increase its loan assistance to the Philippines to $10
million.
Among Koica’s project aid program are the
vocational training center in Davao worth $5 million; information
technology training centers in Quezon City and Bulacan, $5 million;
Korea-Philippines Friendship Hospital in Cavite, $4.8 million;
Modern Integrated Rice Milling and Processing Complex, $2.3 million;
and Busuanga Airport Development Project, $3 million.
Early this year, Manila and Seoul have signed a
multi-year loan agreement amounting to $300 million to fund the
Philippines’ priority infrastructure projects for the years 2007
to 2009.
The loans carry 1-percent to 5-percent annual
interest rates with 0.1-percent service charge on total
disbursements and 30 years maturity inclusive of 10 years grace
period.
-- Darwin G. Amojelar
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