MANILA/SEOUL -- South Korea will offer $1.9 billion of low-interest loans to the Philippines for two infrastructure projects, as the leaders of the two countries on Monday called for upgrading relations to a "strategic partnership" during President Yoon Suk Yeol's visit to Manila.
South Korean and Philippine finance ministers signed memorandums of understanding on the deals to lend $905 million for building a ring road near the capital region of Metro Manila. Seoul also agreed to provide more than $1 billion for establishing a 13-kilometer bridge connecting two islands in the country's central region.
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