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DOF: P28-B loan being proposed for French financing, not South Korean
The Department of Finance (DOF) clarified that a proposed P28-billion infrastructure project is being financed by France, not South Korea.
This statement addresses concerns raised by South Korean President Lee Jae-myung, who announced a halt to proceedings for the project, citing corruption risks and potential waste of taxpayer money.
The DOF previously denied the existence of any loan agreement with South Korea for the P28-billion Rural Modular Bridge Project.
The government had already terminated discussions with South Korea in 2024 due to disagreements over the project's scope and technical specifications.
The Philippines is now in advanced negotiations with France for the project's funding.
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