Rappler
South Korean president stops loan for DAR’s ‘PBBM Bridges’ project over corruption concerns
South Korean President Lee Jae-myung has halted proceedings for a multi-billion development loan for the Philippines' PBBM Rural Modular Bridge Project due to allegations of fraud and corruption.
The loan was reportedly revived under alleged political pressure after being initially rejected in February 2024.
President Lee emphasized that no funds had been disbursed, thus preventing the waste of South Korean taxpayers' money.
He lauded investigative journalism for exposing the case and highlighted his administration's commitment to transparency.
The project, totalling some 700 billion Korean won, was scaled down from hundreds of modular bridges to 70 due to concerns about weak feasibility and high corruption risks.
The Department of Finance (DOF) denied that the loan was sought unilaterally and stated that it was not aware of the loan, claiming to have halted previous discussions last year and were now in talks with the French government to fund the project.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The Philippines is seeking funding from France for the P28-billion Rural Modular Bridge Project after halting discussions with South Korea.
+2
Read more →
South Korean President Lee Jae-myung ordered an immediate halt to a P28.7 billion infrastructure loan project to the Philippines, citing potential corruption and taxpayer money waste.
+1
Read more →
The Embassy of the Republic of Korea in the Philippines has clarified that the suspension of a feasibility study for an infrastructure project is an internal decision not linked to the Philippine government.
Read more →