The Philippines and South Korea signed on Thursday a $207.88 million loan agreement for an irrigation project to be constructed in central Philippine province of Iloilo.
President Benigno S. Aquino III witnessed the signing ceremony in Malacanang Palace of the loan pact between Finance Secretary Cesar Purisima and Export-Import Bank of Korea executive director Sang-Wan Byun.
The Jalaur River Multipurpose Irrigation Project Phase II of the Department of Agriculture-National Irrigation Administration entails the construction of a high dam and reservoir, afterbay dam, catch dam, high line canal and penstock in Sta. Barbara in Iloilo province, the Department of Finance (DOF) said.
The project is proposed to provide year-round irrigation water to about 31,840 hectares of rice areas in the province, the department added.