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South Korean bank to partner with Cebu-based bank
- Source:http://www.pna.gov.ph/index.php?nid=2&rid=906048
- Thursday, July 21, 2016
- (PNA), LAP/EB/EDS
CEBU CITY, July 21 (PNA) -- A big bank in South Korea is set to firm up a partnership with a local bank owned by a Cebuano businessman, Consul General Oh Sung-yong of the Consulate of the Republic of Korea in Cebu said.
He, however, did not name both the Korean and the Philippine banks.
Oh said Korean investments in Cebu include the Korean Electric Power Corp. (Kepco), which is partnering with SPC Power Corp. in building and operating two 100-megawatt coal-fired power plants in Naga City in southern Cebu.
Oh said he was also happy the Cebu Port Authority (CPA) has hired the Korean International Cooperation Agency (KOICA), which conducted a feasibility study on the proposed Cebu International Container Port(CICP) in Tayud, Consolacion, Cebu.
CPA General Manager Edmund Tan said the project is expected to be deliberated by the National Economic and Development Authority-International Coordinating Council (NEDA-ICC) this month.
Once the project is approved, he said KOICA will facilitate the release of Overseas Development Assistance (ODA) funds.
The completion and operation of the new PHP10-billion CICP is expected to decongest the existing Cebu International Port in Cebu City.
KOICA was also the one hired to make a feasibility study on how to upgrade Mactan Cebu International Airport into a world-class airport, which is now being undertaken by GMR Megawide Cebu Airport Corp.