Korean grant aid to the Philippines through the Korean International Cooperation Agency (KOICA) reached a record high of P1 billion in 2011.
The grant aid has funded development programs in agriculture, infrastructure, health and climate change. Since KOICA’s inception in 1991, the Philippines has received a total of around P4.4 billion in grant assistance.
To facilitate the implementation of development programs, Foreign Affairs Sec. Albert Del Rosario and Korean Foreign Affairs and Trade Minister Kim Sung-hwan signed a framework agreement governing the Korean government’s provision of grant aid to the Philippines.
The agreement sets forth the specific measures and responsibilities to be undertaken by the Philippine government, thus reducing the administrative impediments usually encountered by both countries in implementing development cooperation programs.
It is expected to facilitate the delivery of Korea’s grant aid programs such as construction of facilities and provision of equipment and materials for development projects, conduct of training programs for Filipinos, and dispatch of Korean experts and volunteers to the Philippines.
Signed on the occasion of Korean President Lee Myung-bak’s state visit to the Philippines, the agreement will support the achievement of the development goals of the Philippines and further strengthen the friendship and cooperation between the two countries.
The National Economic and Development Authority (NEDA) and KOICA) will be the implementing agencies.