Manila, Philippines – South Korean President Lee Jae-myung has ordered the immediate halt of the loan of the Philippines worth 700 billion won or P28.8 billion pesos, allegedly due to corruption and poor management.
In a Facebook post by President Lee, he immediately ordered the Philippines to stop the loan from South Korea.
According to the Korean Leader, the President’s order is meaningful because of the waste of Filipino tax money, due to dangerous mismanagement and corruption.
For now, the South Korean Leader has no plans to continue the Philippines’ loan for the Economic Development Cooperation Fund (EDCF).
At the same time, Lee also encouraged the media to serve as a watchdog to prevent corruption.
The Department of Finance clarified that the Philippines’ loan from South Korea does not yet exist.
According to the DOF, the agency still ensures that bilateral agreements are made, that the Philippine government will match their trust and confidence ensuring full transparency and accountability.—Alvin Pelobello, Eurotv News