South Korean President Lee Jae-myung on Tuesday, September 9, ordered an “immediate halt” to procedures for a Philippine civil engineering project worth 700 billion won after reports that it had been revived despite being earlier rejected over corruption and mismanagement concerns.
According to South Korean newspaper The Chosun Daily, the South Korean president said stopping the project was essential to protect public resources.
“There is significant meaning in preventing the unnecessary waste of 700 billion Korean won in taxpayer money and preemptively blocking risks that could lead to poor management and corruption,” Lee said.
Lee reportedly made the announcement in a Facebook post on September 9.
“I have ordered an immediate halt to the procedures for the project,” the president said, in response to allegations that the project had been resumed under political pressure.
The story, which was also reported by South Korean newspaper Korean JoongAng Daily, stated that the Ministry of Economy and Finance had denied Economic Development Cooperation Fund (EDCF) loan support for the project in February last year “due to concerns over potential corruption and poor management.”
However, the local newspaper said the project was “restarted following pressure from People Power Party Representative Kweon Seong-dong on then-Minister of Economy and Finance Choi Sang-mok and others.”
Lee assured the South Korean public that no taxpayer money had yet been lost, noting, “What is most fortunate is that the project has not yet commenced, meaning funds such as the Economic Development Cooperation Fund (EDCF) support have not been expended.”
He also praised the role of investigative journalism in uncovering the case.
“The media serves as a watchdog of power and a salt that prevents societal corruption, playing a pivotal role in building a fair world,” Lee said.
“I deeply appreciate the media’s courage and efforts in widely revealing the truth through this investigative report and ensuring the public’s right to know.”
