The Republic of South Korea, one of the closest allies of the Philippines in Asia, will provide the country with a $500-mmillion loan to support the government’s budgetary requirements. President Aquino confirmed that the loan framework agreement was discussed during his meeting with South Korean President Park Geun-Hye last Thursday.
Aside from the $500-million loan grant by the South Korean government to the Philippines, our neighbor also offered to grant the country’s technical assistance worth $20 million and a disaster management grant worth $5 million.
The Korean government also expressed readiness to help the Philippines retain its forecasts to mitigate the impact of floods. The Korean President also assured Pres. Aquino, that the Korean government will continue to help in the recovery effort in areas hit by Typhoon Ruby (Hagupit).
The Korean head of state also express his deepest condolences and sympathies to the Filipino people, for the loss of life and property as a result of Typhoon Hagupit.
President Aquino on his part responded with his South Korean counterpart, by thanking the South Koreans and their government for assistance during and after typhoon Yolanda and Typhoon Ruby.
Pres. Aquino also cited the heroism of the Korean ARAW joint support group, which were deployed in Leyte and worked on the rehabilitation of schools, hospitals, welfare facilities and public offices and conducted medical operations. the government even conferred the “Bayaning Likas Parangal Award” to the 280-strong unit, Korean ARAW joint support group.
Aquino cited the heroism of the Korean ARAW joint support group, which were deployed in Leyte and worked on the rehabilitation of schools, hospitals, welfare facilities and public offices and conducted medical operations.
The defense department recently conferred the Bayaning Likas Parangal Award on the 280-strong unit.
