Drilon: $208-M Phl, SoKor deal to boost Iloilo’s food production
MANILA, Philippines - Senate President Franklin Drilon smarted from criticisms for going with President Aquino on a state visit to South Korea last week.
Drilon yesterday explained he was privy to the details of the signing of an economic agreement between the Philippines and South Korea for the $208-million Jalaur River Multi-Purpose Project Stage II in his home province of Iloilo.
The project was one of the highlights of the talks between the two countries during Aquino’s visit.
It is envisioned to increase rice production and food security in Iloilo, stimulate agri-industrial activities, and spur the local economy and ecotourism industry.
Drilon said the project that costs about P11.2 billion would be the first large-scale reservoir dam outside of Luzon, which would provide uninterrupted irrigation water supply to 32,000 hectares of farmland and benefit more than 783,000 farmers in Iloilo.
The project provides the country with P8.95-billion official development assistance, which is a 30-year loan with 0.15 percent interest. The Philippine counterpart fund for the loan will be P2.2 billion.
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