MANILA/SEOUL — South Korea will offer the Philippines $1.9 billion in low-interest loans for two infrastructure projects, as the leaders of the two countries called for upgrading the relationship to a “strategic partnership” during a visit by President Yoon Suk Yeol on Monday. Manila.
The finance ministers of South Korea and the Philippines signed memorandums of understanding on agreements to provide a $905 million loan for the construction of a ring road near the capital Metro Manila. Seoul also agreed to spend more than $1 billion to build a 13-kilometer bridge connecting the two islands in the country's central region.