THE Department of Finance (DOF) has clarified that the P28 billion Rural Modular Bridge Project is currently being proposed for financing by the Government of France, not South Korea.
As part of standard practice, the Philippine government explores financing options with multiple development partners for key projects.
In this case, the project was initially considered for funding through South Korea, but the Department of Agrarian Reform (DAR) decided to halt previous discussions last year due to non-alignment on scope and other key technical specifications.
The government, as early as the last quarter of 2024, decided to look for other bilateral partners who can implement the full scope of the project. Hence, there is no existing loan for the said project with South Korea.
The government is now in advanced negotiations with the French Government to finalize the project’s technical and financial terms.
