The Department of Foreign Affairs (DFA) on Tuesday clarified that South Korea remains committed to advancing development cooperation with the Philippines despite earlier reports about the cancellation of a P28.7-billion infrastructure loan.

DFA spokesperson Angelica Escalona described the issue as a “closed matter,” saying that Seoul had already issued a clarification reaffirming its support for the Philippines’ development goals.

“At sinabi na rin ng Korea, they reassured their support for advancing development cooperation with the Philippines,” Escalona said in a Palace press briefing.

The remarks came more than a month after South Korean President Lee Jae-myung’s September announcement canceling a proposed modular bridge project loan due to alleged corruption risks. The issue had stirred speculation over its potential impact on bilateral ties.

The Department of Finance (DoF) previously clarified that no such loan agreement currently exists and that the modular bridge initiative is now being pursued under a new partnership with France.

APEC South Korea 2025

Escalona also confirmed that President Ferdinand R. Marcos Jr. will attend the APEC Summit in South Korea from 31 October to 1 November, where he is expected to push the Philippines’ Economic and AI strategy, which envisions an “Artificially Powered Philippines by 2028.”

Marcos will be joined by top officials, including Foreign Affairs Secretary Ma. Theresa Lazaro, Trade Secretary Ma. Cristina Roque, Migrant Workers Secretary Hans Cacdac, Acting Presidential Communications Secretary Dave Gonzales, and Special Assistant to the President for Investment and Economic Affairs Frederick Go.

As of writing, there are no confirmed bilateral meetings between the Philippines and other nations.