South Korea is playing a major role in the economic emergence of the Philippines, which is now moving to an even higher growth plane as the Duterte administration speeds up its ambitious $170-billion “Build, Build, Build” program, Finance Secretary Carlos Dominguez III said.
Dominguez, in a speech before leaders of South Korea’s business sector during the Philippine delegation’s visit to Seoul June 3 to 5 led by President Rodrigo Duterte, said prudent fiscal management, a manageable debt service load, and more robust revenues were expected to improve the Philippines’ sovereign credit ratings.
He said South Korea’s role in the Philippines’ rapid growth was best demonstrated by its funding support for two key “Build, Build, Build” projects—the Panguil Bay Bridge in northern Mindanao and a new international container port in Cebu, which are both scheduled to begin this year and due for completion by 2020.
South Korea is also the Philippines’ sixth largest source of official development assistance.