South Korea has suspended the feasibility study for the multi-billion dollar Pang-agraryong Tulay para sa Bagong Bayanihan ng mga Magsasaka (PBBM Bridges) project, the Korean embassy in Manila confirmed Monday.
The embassy clarified that the decision is unrelated to any actions of the Philippine government. Instead, the suspension stems from issues raised in Korean media that required verification before proceeding further.
The feasibility study, tied to a $439 million loan application, had already been revised with a reduced scope after initial concerns about corruption and the project’s viability. The Korean Export-Import Bank was re-commissioned to handle the review, but authorities decided to pause pending additional analysis.
“The embassy emphasizes the need for thorough verification,” Korean officials said, stressing that the decision reflects South Korea’s proactive approach in addressing potential issues in international collaborations.
The move comes as the Philippines continues to face scrutiny over previous flood-control project anomalies, adding to broader concerns about large-scale infrastructure funding.
Despite the pause, the Korean embassy assured that bilateral relations remain unaffected. Both governments continue to prioritize strong cooperation, with South Korean authorities committed to ensuring transparency and effectiveness in overseas development projects.
Philippine officials, meanwhile, are working to address the raised concerns to ensure progress on the bridge initiative, which is intended to improve connectivity for farmers and rural communities.
The Korean government said it will reassess the situation after further verification, noting that the project remains under consideration.
The PBBM Bridges initiative was designed to deliver economic and social benefits to agricultural sectors, but its future now hinges on the outcome of South Korea’s review.
