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The Philippine government has secured an official development assistance (ODA) loan from the Republic of Korea through Export-Import Bank of Korea (KEXIM) for Laguna Lakeshore Road Network (LLRN), Project Phase 1 Stage 1 The loan, valued at $905.26 million, will support civil works implementation by the Department of Public Works and Highways (DPWH) of this flagship project under the Build Better More program of President Ferdinand Marcos Jr. which aim to enhance the country’s infrastructure, improve connectivity, and support economic growth. A ceremonial exchange of the loan agreement took place on Friday, January 17, 2025, at the Department of Finance (DOF) Press Briefing Room in Roxas Boulevard, Manila attended by KEXIM Executive Director Um Sung-Yong, DPWH Secretary Manuel M. Bonoan, Korea’s Ministry of Economy and Finance (MOEF) First Vice Minister Kim Beom-Seok, and DOF Undersecretary Joven Z. Balbosa. Other key officials in attendance included Korea’s Ministry of Economy and Finance (MOEF) First Vice Minister Kim Beom-Seok, Senior Undersecretary Emil K. Sadain, MOEF Director Park Junghyun, Project Director Teresita V. Bauzon of DPWH Unified Project Management Office - Roads Management Cluster II (Multilateral), DPWH Stakeholders Relations Service Director Randy R. Del Rosario, UPMO Project Manager Zenaida Mauhay; DOF Director John Adrian Narag of the International Finance Group, and other officials from KEXIM Manila Representive Office and Embassy of the Republic of Korea in the Philippines. Secretary Bonoan expressed gratitude to KEXIM for its ongoing partnership in supporting the Philippines’ infrastructure development goals. He highlighted the importance of the LLRN Project in enhancing connectivity and economic opportunities, particularly in the Luzon economic corridor, a vital region for national growth and regional integration. Senior Undersecretary Sadain, who oversees DPWH’s flagship infrastructure projects, emphasized that this road project in the shorelines of the Laguna Lake will address severe traffic congestion in the area, including a portion of the South Luzon Expressway. The project aims to provide safer, faster, and more convenient travel, boosting tourism development and economic growth in the surrounding areas of National Capital Region, Laguna, Rizal, Cavite, and Batangas. The Phase I Stage 1 includes a 7.94-kilometer road, consisting of 6.81 kilometers of viaduct/bridge and 1.13 kilometers of embankment, along with three (3) interchanges plus 1.92 kilometers of slip roads. “This transformative project marks a major milestone in our long-term vision to create a sustainable, resilient, and efficient road network that will benefit generations of Filipinos,” said Senior Undersecretary Sadain. The DPWH’s UPMO-RMC II, under Project Director Bauzon, will lead the implementation of the project, with support from Korean experts who will oversee construction supervision during Stage 1. Civil works for the LLRN Project are set to begin this fiscal year 2025, with completion anticipated by 2029. The project is expected to significantly enhance economic productivity and foster positive change in the Calabarzon region and the broader National Capital Region. |
