South Korean President Lee Jae Myung halted funding for the PBBM Rural Modular Bridge Project in the Philippines after auditors flagged it as fraudulent and corruption-prone.
Originally valued at US$510 million for 350 bridges, the project was downsized to US$80–100 million for 70 bridges, allegedly under political pressure from Korean lawmaker Kwon Seong-dong. Lee confirmed that no funds were disbursed, citing a commitment to transparency and praising investigative journalism for exposing the issue.
In response, the Philippine Department of Finance (DOF) denied any official loan agreement with South Korea and clarified that the ₱28-billion project is now being negotiated with France.
Talks are in advanced stages, following the collapse of earlier negotiations with South Korea due to technical mismatches flagged by the Department of Agrarian Reform (DAR).
The Korean Embassy in Manila has yet to issue a statement, and it remains unclear whether accountability will be pursued against those who pushed the project despite red flags. (ZIA LUNA)
