The National Economic and Development Authority (NEDA) revealed that the Philippines and South Korea are likely to seal their first multiyear financing arrangements when the ASEAN meeting takes place in Manila this week. Neda Undersecretary Rolando G. Tungpalan said South Korea wants to help in the Philippines in the areas of information and communications technology (ICT), agriculture, and rural development. While he did not specify the ICT projects that South Korea is interested in, Tungpalan said the governments of South Korea and the Philippines have agreed to craft a six-year framework that will allow the Philippines to tap USD100m in concessional loans.
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