Hanoi (VNA) – The Republic of Korea will provide a loan of one billion USD for the Philippines to develop infrastructure, according to Yonhap news agency.

The Export-Import Bank of Korea (Eximbank) will supply the aforesaid money with low interest in the long term under the state-run economic development cooperation fund (EDCF).

Philippine President Rodrigo Duterte is planning to spend 168 billion USD on infrastructure development, including railways and ports over the next six years, as part of his ambitious socio-economic agenda dubbed “Dutertenomics”.

The Philippine government moves to finance around 80 percent of the infrastructure spending locally, and the rest from foreign sources.-VNA