South Korean President Lee Jae-myung ordered an immediate halt to the proceedings of the ₱28 billion worth of infrastructure loan to the Philippines, citing risks of corruption and poor management.

On Wednesday, September 10, Lee announced through his social media account that the project has yet to commence, meaning that the funds from their Economic Development Cooperation Fund (EDCF) support have not been expanded.

“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 wrote in a social media post.

According to Lee, the media serves as watchdogs of power and as an aid to prevent societal corruption, adding that they play a pivotal role in building a “fair world.”

“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,” his statement ended.

Following the announcement, the Department of Finance (DOF) clarified in a statement that “no such loans exist.”

This comes amid the Senate Blue Ribbon Committee and House Infra Committee’s ongoing investigation into the anomalous flood control projects involving Department of Public Works and Highways (DPWH) contractors and district engineers, with some alleging this also includes several government officials.