The government 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’s phase 1 stage 1, the Department of Public Works and Highways (DPWH) said over the weekend.
It said the loan, valued at $905.26 million, would support civil works of the flagship project under the Build Better More program of President Ferdinand Marcos Jr. which aims to enhance the country’s infrastructure, improve connectivity and support economic growth.
KEXIM executive director Um Sung-Yong, DPWH Secretary Manuel Bonoan, Korea’s Ministry of Economy and Finance (MOEF) first vice minister Kim Beom-Seok and DOF Undersecretary Joven Balbosa attended a ceremonial exchange of the loan agreement on Jan. 17, 2025 at the Department of Finance (DOF) press briefing room in Manila.
Other key officials in attendance included DPWH Senior Undersecretary Emil Sadain, MOEF director Park Junghyun, project director Teresita Bauzon of DPWH Unified Project Management Office – Roads Management Cluster II (Multilateral), DPWH stakeholders relations service director Randy Del Rosario, UPMO project manager Zenaida Mauhay, DOF director John Adrian Narag of the International Finance Group and other officials from KEXIM Manila Representative Office and Embassy of the Republic of Korea in the Philippines.
Bonoan expressed gratitude to KEXIM for 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.
Sadain, who oversees DPWH’s flagship infrastructure projects, said the project in the shorelines of the Laguna Lake would 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.
Phase I of 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 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 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 in fiscal year 2025, with completion anticipated by 2029.
The project is expected to enhance economic productivity and foster positive change in the Calabarzon region and the broader National Capital Region.
