Secretary for Foreign Affairs Enrique Manalo and Korean Ambassador to the Philippines Kim In Chul signed on December 21 the framework arrangement between the government of the Philippines and the government of the Republic of Korea concerning loans from the economic development cooperation fund for the years 2022 through 2026. This enables the Philippine government to obtain Official Development Assistance (ODA) loans from the Korean Government up to a maximum commitment of $3 billion until 2026.

In his remarks, Secretary Manalo acknowledged the swift and steady support of the Republic of Korea in Philippine development efforts. The purpose and generous amount of loan assistance highlight the alignment of the thrust of the Korean government with Philippine socio-economic priorities. The Secretary further acknowledged the firm foundation of trust and friendship between the peoples of the Philippines and Korea.