Photo credit: South Korean President Lee Jae-myung

SEOUL—In a decisive move to prevent potential fraud and misuse of public funds, South Korean President Lee Jae-myung has ordered the immediate suspension of a ₱287 billion (approximately $5.1 billion) modular bridge project in the Philippines. The action follows an internal government review and a recent investigative report that raised significant red flags about the deal's integrity.

In a statement posted on his official Facebook page, President Lee confirmed the halt, saying, "It has been ordered to immediately stop proceedings for the business in question that has been identified as a fraudulent business." He praised the swift action, noting that because the project had not yet been finalized, no financial aid from the Foreign Economic Cooperation Fund (EDCF) had been disbursed. The President also lauded the role of investigative journalism, thanking the media for "spreading the truth and ensuring the people's right to know."

The suspension comes after the Ministry of Strategy and Finance had previously rejected the project. The ministry cited numerous concerns, including the difficulty of managing 350 separate construction sites and the involvement of a local Philippine company with a history of poor construction and corruption. Despite these warnings, the project was reportedly revived under pressure from People Power Party lawmaker Kwon Seong-dong, a key figure in the Yoon Seok-yeol administration.

According to a comprehensive investigation by Hankyoreh 21, Rep. Kwon allegedly pressured high-ranking officials to reconsider the deal, even mentioning that supporting it could secure nickel mining rights for South Korea. The probe revealed that despite the ministry's continued resistance, the project was eventually approved on a smaller scale. However, President Lee's intervention has now effectively killed the deal, preventing what he called an "unnecessary waste" of taxpayer money and a "risk of poverty and corruption."