Yonhap News Agency reported on September 14 that South Korea's Ministry of Planning and Finance said on the 14th that it was discussing with the Philippines a plan to increase the limit of 5-year loan support to $3 billion.
The two countries set a loan support limit based on the basic agreement of the Korea Foreign Economic Assistance Fund (EDCF), which is expected to be expanded from $1 billion in 2017 to 2022 to $3 billion in 2022-2026.
Lee Jong-ho, director of the Development Finance Bureau of the Ministry of Finance of the Ministry of Planning and Planning of the Republic of Korea, said that the Philippines is a key cooperation country in South Korea's New South Policy and has a very important strategic position. The two countries also maintain active EDCF cooperation in the fields of environmental protection, digital, health, and medical care. Based on these factors, the Government decided to move forward with the budget increase program.