With the presidential campaign entering the home stretch, two main candidates are pouring out promises to win an upper hand in the neck-and-neck race.

Many proposals in their manifestos, however, failed to suggest detailed means of implementation or collecting the necessary financial resources, giving rise to concerns that they may end up as empty words.

Park Geun-hye of the ruling Saenuri Party, in her recent televised speech, pledged to double the monthly pension for all elderly citizens and the severely disabled.

The conservative candidate also said that the state would fully cover the medical expenses for major diseases by 2016.

Her rival, Moon Jae-in of the main opposition Democratic United Party, suggested the introduction of a 1 million won ($932) cap system in medical fees. His welfare plan is expected to require a yearly state budget of 8.5 trillion won.

Moon also pledged earlier this week to use organic food for Army meals, in an effort to promote military welfare while boosting agricultural economy at the same time.

He has been insisting on reducing the obligatory military service period to 18 months from the current 21 months.

The two contestants also pledged to implement social overhead capital in key strategic areas, such as a new international airport in the nation’s southeast.

The idea had come up as a popular slogan in the last presidential election back in 2007, but the Lee Myung-bak administration called it off last year, citing its lack of business viability.

Park and Moon, however, took a step further and even promised to either build another airport in Jeju or to expand the existing one.

“The southeast airport project alone will require at least 20 trillion won, exceeding by far its theoretical budget,” said Lee Seung-chang, professor of business administration at Korea Aerospace University.

“Most of Park and Moon’s construction manifestos seem to be impractical.”

Another gap in their pledges is that local governments will have to share the financial burden.

Park and Moon’s manifestos are speculated to require a total five-year budget of 131 trillion won and 192 trillion won respectively, according to their election headquarters.

The amounts are expected to soar further if all of their provincial construction projects are included.

“All election pledges may seem reasonable, especially to the potential beneficiaries,” said Lee Chang-won, public administration professor at Hansung University.

“In the end, however, the question is whether the administrator would be willing to allocate the limited financial resources to the project.”

He thus urged the candidates to clearly specify the order of priority of pledges in their manifestos to the people.

By Bae Hyun-jung (tellme@heraldcorp.com)