DoF denies P28-B ODA loan from SoKor

The Department of Finance (DOF) denied a P28-billion official development assistance (ODA) loan from South Korea to the Philippines, saying “no such loan exists.”

This comes after South Korean President Lee Jae-myung said in a Facebook post that he had ordered an immediate halt to the implementation of a 700-billion-won (approximately P28.8 billion) project in the Philippines due to risks of poor management and corruption.

“Most fortunately, because the project had not yet commenced, no funds, including support from the Economic Development Cooperation Fund (EDCF), were spent,” Lee said.

“This is significant in that it prevented the unnecessary waste of a staggering 700 billion won in taxpayer money and preemptively prevented the risk of corruption and mismanagement," he added.

Lee’s announcement comes as the government investigates anomalies in the flood control programs, involving incomplete and unstarted projects, kickbacks, and the reported involvement of public works officials, senators, and private contractors.