His Excellency President Benigno Aquino III of the Republic of the Philippines, together with Her Excellency President Park Geun-hye of the Republic of Korea, witnessed the signing of a Loan Agreement to support the implementation of the Integrated Disaster Risk Reduction and Climate Change Adaptation Measures in the Low Lying Areas of Pampanga Bay Project.
Finance Secretary Cesar V. Purisima signed the Loan Agreement on behalf of the Philippine Government while Export-Import Bank of Korea (KEXIM) Chairman and President Yong Hwan Kim signed on behalf of the Republic of Korea.
Under the Agreement, the Republic of Korea, through KEXIM-Economic Development Cooperation Fund, will provide an ODA loan amounting to US$80.483 million to primarily support the excavation and dredging of the Third River, Caduang Tete River and Sapang Maragul River in Pampanga by the Department of Public Works and Highways.
Through this, the project is envisioned to mitigate flooding in the low-lying areas of Macabebe, Masantol, Minalin and Sto. Tomas along the Pampanga delta. Further, the loan will support the Department of Education’s reconstruction of 232 classrooms in 47 schools, embankment heightening of 26 schools, and construction of deep well pumps in 11 schools in the area.
“With the project, the extent, level and duration of flooding in the surrounding areas of the Pampanga delta will be reduced, and the capacity of educational facilities in the area in coping with disasters will be enhanced”, Secretary Purisima said.
The Korean Government has continually extended assistance in various development projects, most especially in rural areas in the Philippines including:
a) the construction and development of the Laguindingan Airport in Misamis Oriental, which has recently began commercial operations last June 2013;
b) the Jalaur River Multipurpose Project Stage II in Iloilo Province; and c) the recently signed Samar Pacific Coastal Road Project, that traverses towns in Northern and Eastern Samar.
Press Release, October 22, 2013