The South Korean government has promised to provide financial support for the Philippine’s disaster risk reduction and rehabilitation activities, President Benigno Aquino III said.
In an interview with reporters on the sidelines of the ASEAN-Korea Commemorative Summit in Busan, Aquino said the Republic of Korea has pledged a grant of $5 million for disaster response and rehabilitation, and a $20-million grant for technical assistance.
He added that South Korean government offered their assistance after witnessing the effects of global climate change to the Philippines.
“Basically nag-offer ang Korea a lot of their assistance towards ‘yung disaster risk reduction and management, so ipinakita sa atin ‘yon,” he said.
In addition, Aquino said South Korea will also provide a $500-million loan to fund the Philippines’ development plans.