PH eyes French funding for P28B bridge project after halting SK talks

The Philippines is seeking funding from France for the P28-billion Rural Modular Bridge Project after halting discussions with South Korea.

The Department of Finance clarified that no official development assistance (ODA) loan agreement for this project ever existed with South Korea.

The Department of Agrarian Reform halted exploratory talks with South Korea in 2024 due to unresolved issues concerning the project's scope and technical specifications.

The Department of Foreign Affairs (DFA) is seeking clarification from South Korea regarding claims by South Korean President Lee Jae-myung that he ordered a stop to loan proceedings for the Philippine bridge project.

The DFA noted that the Philippine government has no pending loan application with Seoul for the bridge project, which aims to construct 350 permanent steel bridges nationwide by 2028.

The South Korean president cited an investigative report alleging the project was revived due to political pressure despite initial cancellation over corruption concerns.

The Philippine government is exploring financing options with multiple development partners and is in advanced negotiations with the French government for the project's terms.