The Market Monitor Minding the Nation's Business
The Department of Transportation’s (DOTr) thick and viable transport infrastructure portfolio offers rich investment opportunities for private firms, said Transportation Secretary Jaime J. Bautista.
Speaking before the 2024 Korea-Philippines Infrastructure and Plant Forum, Sec. Bautista sought the support of the Republic of Korea and its private firms to bankroll DOTr multi-sectoral projects, which is aimed at a common goal—providing better travel experience to Filipinos.
“We need collaboration of various stakeholders, such as Korean investors. We are inviting Korean companies to discover the business viability and rich investment opportunities contained in these transport projects,” Sec. Bautista said during the forum.
“Our transport projects are bound to stir the status quo once completed,” he added.
The transport chief was joined by Vice Minister Hyunhwan Jin of the Republic of Korea’s Ministry of Land, Infrastructure and Transport (MOLIT) and Korean Ambassador to the Philippines Lee Sanghwa as well as Korea Trade Investment Promotion Agency (KOTRA) Director General Sujung Lee.
Sec. Bautista cited big ticket transport projects supported by the Republic of Korea, through the Export-Import Bank of Korea, such as the New Cebu International Container Port, Maritime Safety Enhancement Project, and relocation of the New Dumaguete International Airport.
These projects, according to Sec. Bautista, have a total cost of P33.26 billion, with KEXIM extending P27.91 billion loan to fund the projects.
The Republic of Korea has also extended its support for the LRT-2 extension up to Cogeo in Antipolo, Automated Fare Collection System, Pangasinan New Airport and a New Airport Backup System.
“These foreign assistance stirs a ripple effect that catalyzes socio-economic growth in the communities situated along and around project sites, generating jobs and livelihood,” Sec. Bautista pointed out.