The Philippines is eyeing about $500-million financial assistance from South Korea under the country's multi-year program assistance to fund various pipeline projects starting next year, according to the National Economic and Development Authority, a government press release said.

Rolando Tungpalan, NEDA deputy director general for investment planning, said the Philippines already has a pipeline of projects worth US$ 500 million that is "callable" in the next two years.

The pipeline projects seen to be funded under the Korean multi-year assistance program include the $13.06-million Bacolod City-Silay Airport Road .

Also in the list are the Gapan-San Fernando Olongapo Road Expansion, $28.35 million; Puerto Princesa Airport Development Project, $71.61 million; Northrail-Southrail Linkage Project, Phase 1, $15 million; and the Northrail-Southrail Linkage Project Phase II, $98.28 million, the press release said.

The Samar Pacific Coastal Road, $53.28 million; and $13 million grant for the establishment of rice processing centers in the Philippines are also included.

Tungpalan said the country was expected to receive assistance worth $250 million from South Korea by next year.

" Korea is moving into a multiyear program. They visited the Cavite Hospital and the Philippine National Railways commuter line and were impressed with the impact of these projects. This is an affirmation that the Philippines is using Korea 's resources well," Tungpalan said.

Under the multiyear framework, the Korean government will finance projects for infrastructure development relating to electricity and renewable energy.

The Korean assistance program aims to strengthen ties with the Philippines , the press release said.

The Korean government, through the Korea Economic Development Cooperation Fund, earlier agreed to provide the Philippines with US$ 300 million in loans for infrastructure development projects.

Other government pipeline projects are the Digital Trunk Radio System for the Philippine National Police; Development of the Busuanga Airport Project and Virac, Catanduanes Airport, the Philippine News Agency press release also said.*

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